Jewellery stocks fall after PNB fraud, Gitanjali Gems shares tank over 18%

Modi Choksi Nirav

In March 2017, an order issued by the then whole-time member of the Securities and Exchange Board of India (SEBI) found Mehul Choksi, owner of Gitanjali Gems, along with other promoter entities of the company, guilty of violating various security market regulations and advised the capital market regulator to conduct further investigations but it seems that the case did not progress much beyond the initial findings.

Shares of Gitanjali Gems breached lower circuit today. On Thursday, too, the scrips dropped by nearly 12 per cent. The two banks figure in the list of top 10 companies where LIC increased its holding in the quarter ended December 2017. Market experts say that LIC's move to raise its holding in PSBs may have been on account of government announcement to recapitalise banks.

On the same day, the bank's shares had plunged drastically following the news of the fraud to close lower by 9.81 per cent at the BSE.

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"Mehul Choksi tricked me of Rs 60 crore and took Rs 9872 crore wrongfully from banks", included Jadeja.

This has also wiped out around Rs 300 crore of investors' wealth as market capitalisation of the company fell to Rs 445.40 crore on February 16, from Rs 745.50 crore on February 12. ED officials said five properties belonging to Modi and the other accused were sealed in Mumbai by the agency. It is estimated that on the back of PNB's LoU, Allahabad Bank and Union Bank of India extended credit amounting to around Rs 4,000 crore and Rs 2,000 crore respectively to Nirav Modi's companies.

Jewellery stocks such as PC Jeweller and Gitanjali Gems sank up to 24 per cent after the PNB fraud issue accentuated and cast its shadow on a couple of banks and jewellery firms too. For infrastructure development, including common facility centres, an expenditure of Rs 129.5 crore was earmarked.

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