Shares of Gitanjali Gems were locked in lower circuit for the fifth consecutive day, down 10% at Rs 237 on BSE, despite of strong gains in the broader market.
There are pending sell orders for a combined 13.13 million shares representing one-third of free-float equity capital of the company on BSE and NSE.
The stock of jewellery retailer is trading at its lowest value since March 2011 tanked 53% in past one week from Rs 507 as the recent drop in gold prices and the recent Reserve Bank of India and government initiatives is seen hurting company's growth. The benchmark index has gain 3.2% during the week.
For the fiscal 2012-13, jewellery business accounts 62% of Gitanjali Gem’s revenues and 77% of profit of before tax and interest.
Meanwhile, the promoters currently hold 59.44% in the company have pledged 34.96% of their holdings with the lenders.
There are pending sell orders for a combined 13.13 million shares representing one-third of free-float equity capital of the company on BSE and NSE.
The stock of jewellery retailer is trading at its lowest value since March 2011 tanked 53% in past one week from Rs 507 as the recent drop in gold prices and the recent Reserve Bank of India and government initiatives is seen hurting company's growth. The benchmark index has gain 3.2% during the week.
For the fiscal 2012-13, jewellery business accounts 62% of Gitanjali Gem’s revenues and 77% of profit of before tax and interest.
Meanwhile, the promoters currently hold 59.44% in the company have pledged 34.96% of their holdings with the lenders.