Gitanjali Gems breaches lower circuit; premises searched in PNB fraud

Gitanjali Gems Shares Plunge 35% In Two Days After PNB Fraud

Shares of Gitanjali Gems plunged nearly 20 per cent on Thursday

Markets regulator Sebi has launched a probe into trading and disclosure related issues in the matter of Punjab National Bank and Gitanjali Gems in connection with over Rs 11,000 crore banking fraud allegedly perpetrated by absconding Nirav Modi.

Bhavnagar: A jeweller from Gujarat's Bhavnagar, Digvijay Singh Jadeja, on Friday said that he had informed the Gujarat High Court and the state government against Mehul Choksi, overseeing chief of Gitanjali Gems, in 2015, however no one heard him in those days.

According to market analysts, the stock prices fall to an effective level which gives the traders the chance to reinvest in the stock and arrest the fall.

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The Obama administration eventually acknowledged the cash was used as leverage until the Americans were allowed to leave Iran. Schiff of California, the top Democrat on the House Intelligence Committee, that criticized Mr.

It may be mentioned that the ED has conducted searches several properties of Gitanjali Group of Companies across the country since Thursday after owner Mehul Choksi's links with jewellery tycoon Nirav Modi was established in the multi-crore money-laundering case.

Meanwhile, some other jewellery stocks witnessed a similar fate with PC Jeweller ending the day at Rs 356.40, down 5.31%, Tribhovandas Bhimji Zaveri (TBZ) at Rs 112.55 down 2.64%, Thangamayil Jewellery at Rs 541.50, down 5% and Rajesh Exports at Rs 802.50, down 2.10%.

PNB on Wednesday told the stock exchanges through a regulatory filing that it detected fraudulent transactions at $1,771.69 million (around Rs 11,515 crore) in one of its branches in Mumbai, which is equivalent to eight times the bank's net income of about Rs 1,320 crore ($206 million). The scrip has tanked 40 per cent during February 12-16.

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The phenomenon - which has become more pronounced over the past few years - underscores the power of homeownership to build wealth, particularly among the middle class.

BSE has also sought clarification from Gitanjali Gems Ltd with respect to news article titled "ED raids offices of Nirav Modi, PNB and Gitanjali gems".

The CBI on Friday registered a FIR against the Gitanjali Group of companies based on a complaint registered by the PNB.

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In a veiled criticism of the apex court judges, he said it was incorrect to use wrong names for elected representatives. The prime minister reiterated that the government won't let rigging take place in the upcoming Senate elections.

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