Gitanjali Gems has plunged by 7% to Rs 76.4 on the BSE after posting a net loss of Rs 35 crore for the quarter ended March 31, 2014 compared with a net profit of Rs. 44.4 crore for the quarter ended March 31, 2013.
Furthermore, the company posted a net loss of Rs 90 crore for the year ended March 31, 2013 compared to a profit of Rs 119 crore in the previous year.
In addition, the consolidated net sales stood at Rs 2,753.5 crore for the year as against Rs 4,750.5 crore last year.
The stock opened at Rs 79.05, touched a high of Rs 80.6 and a low of Rs 74.5 on the BSE. Over 63,862 shares have been traded on both the stock exchanges so far.