Gitanjali Gems, Vakrangee plunge 66% in one month

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (Photo: Reuters)
Shares of Gitanjali Gems and Vakrangee continued to remainunder pressure, eroding two-third of their market valuation in the past one month.

Gitanjali Gems hit a new low of Rs 22.45, down 5% on the BSE. The stock of jewellery maker was locked in lower circuit for the nine straight trading days. In past one month, it tanked 66% from Rs 66.30.

On February 14, Punjab National Bank (PNB) disclosed that it detected fraudulent transactions with a financial implication of about Rs 114 billion and the matter has been referred to law enforcement agencies for the recovery.

The fraud, which included money-laundering among others, was related to the Firestar Diamonds group in which the Central Bureau of Investigation (CBI) has booked Nirav Modi, his wife Ami, brother Nishal Modi and uncle and business partner Mehul Choksi - the promoter of Gitanjali Gems.

According to media report, individual investors, foreign portfolio investors and Life Insurance Corporation of India (LIC), among others, will be restrained from transferring shares of the beleaguered Gitanjali Gems.

The BSE said that the Exchange has sought clarification from Gitanjali Gems with respect to news article appearing on The Economic Times - February 24, 2018 titled "Trading in Gitanjali Shares Restrained by the National Company Law Tribunal (NCLT) Order". The reply is awaited.

Vakrangee locked in lower circuit for the seventh straight trading days, down 5% at Rs 172 on the BSE. In past one month the stock plunged 66% from 505 on January 25, 2018 after the Vakrangee had purchased two million shares of PC Jeweller for a little over Rs 1.12 billion through an open market transaction.

PNB slipped 14% to Rs 96, its lowest level since June 24, 2016 in intra-day trade today after the government-owned bank said it has revealed an additional unauthorized transactions by around Rs 13 billion (USD 204 million). At 03:00 pm; the stock was trading 12% lower at Rs 98, fallen 46% in past one month from Rs 181.

GITANJALI GEMS 22.45 66.30 -66.14
VAKRANGEE 171.50 505.35 -66.06
PUNJAB NATL.BANK 98.60 180.80 -45.46
AGARWAL INDL. 340.00 602.40 -43.56
PC JEWELLER 337.35 561.00 -39.87
KSK ENERGY VEN. 11.30 17.07 -33.80
SVP GLOBAL 369.75 542.30 -31.82
DUCON TECH 31.00 45.45 -31.79
DIAMOND POWER 13.50 19.40 -30.41
BANK OF INDIA 118.40 169.25 -30.04
UNION BANK (I) 102.10 141.10 -27.64
ALLAHABAD BANK 51.55 70.40 -26.78
JVL AGRO INDUS 26.75 36.25 -26.21
BLS INTERNAT. 175.50 236.55 -25.81
INDO RAMA SYNTH. 34.45 46.35 -25.67
ABAN OFFSHORE 173.90 233.30 -25.46
IFCI 23.00 30.75 -25.20
NAGARJUNA FERT. 17.40 23.25 -25.16
SITI NETWORKS 18.75 25.00 -25.00


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