Gitanjali Gems downfall continues; tanks 71% in three weeks

The stock is locked in lower circuit for the 13th straight trading day, down 5% at Rs 18.35 after the media report suggested that the CBI had arrested Vice President of the company in PNB case.

Gitanjali Gems is locked in lower circuit for the 13th straight trading day, down 5% at Rs 18.35, its new low on the BSE, after the media report suggested that the Central Bureau of Investigation (CBI) arrested Vice President of the company in Punjab National Bank (PNB) case.

In past three weeks, the market value of Gitanjali Gems tanked 71% from Rs 62.85 on February 12, 2018, as compared to 1.2% decline in the S&P BSE Sensex. Till 12:36 pm; a combined 29,333 equity shares changed hands and there were pending sell orders for 8.33 million shares on the