The stock today opened on a bearish note at Rs 48, then lost further ground to touch a low of Rs 47.50, down 18.94 per cent over its previous closing price.
Similar movement was seen on the NSE as well, where the stock tanked 18.73 per cent to a low of Rs 47.50.
Meanwhile, some of other jewellery stocks also witnessed similar fate with PC Jeweller slumping 19.50 per cent to Rs 303.00, Tribhovandas Bhimji Zaveri (TBZ) 4.32 per cent to Rs 110.60, and Thangamayil Jewellery 2 per cent to 558.55 on BSE. Rajesh Exports fell 1.34 per cent to a low of Rs 808.70 on BSE.
"Four big jewellers -- Gitanjali, Ginni, Nakshatra and Nirav Modi -- are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money," a senior official said yesterday.