Gitanjali Gems is locked in lower circuit for third straight day, down 10% at Rs 292 on the Bombay Stock Exchange (BSE).
A combined 138,178 shares have changed hands on the counter and there are pending sell orders for 8.66 million shares on BSE and NSE at 0930 hours.
Meanwhile, the stock of jewellery retailer currently trading at its 52-week low, has tanked 42% in past three trading sessions from Rs 507 on concerns that the recent drop in gold prices coupled with the Reserve Bank of India and restrictions by the government would hurt company's growth and earnings going forward.
On Monday, All India Gems and Jewellery Trade Federation (GJF) had asked its 42,000 members across India to suspend sale of gold coins and bars in order to reduce investment demand and curb imports to improve the country's current account deficit situation.
In a regulatory filing yesterday, the company said that it will reduce sale of gold coins and bars items and rather focus on lower carat jewellery and value-added products. Gold business accounts for 25-30% of Gitanjali's revenue.
A combined 138,178 shares have changed hands on the counter and there are pending sell orders for 8.66 million shares on BSE and NSE at 0930 hours.
Meanwhile, the stock of jewellery retailer currently trading at its 52-week low, has tanked 42% in past three trading sessions from Rs 507 on concerns that the recent drop in gold prices coupled with the Reserve Bank of India and restrictions by the government would hurt company's growth and earnings going forward.
On Monday, All India Gems and Jewellery Trade Federation (GJF) had asked its 42,000 members across India to suspend sale of gold coins and bars in order to reduce investment demand and curb imports to improve the country's current account deficit situation.
In a regulatory filing yesterday, the company said that it will reduce sale of gold coins and bars items and rather focus on lower carat jewellery and value-added products. Gold business accounts for 25-30% of Gitanjali's revenue.