Gitanjali tanks 20% for second straight day; PNB hits fresh 52-week low

Gitanjali Gems is locked in lower circuit for the second straight day, down 20% at Rs 37.55, its fresh 52-week low on BSE, after the media report suggested that the Enforcement Directorate (ED) conducted searches and sealed some premises owned by the company and Nirav Modi in related to the Rs 114 billion Punjab National Bank (PNB) fraud.

The ED on Thursday conducted searches in 17 properties linked to billionaire jewellery designer Nirav Modi and his maternal uncle and business partner Mehul Chinubhai Choksi’s firm Gitanjali Gems across India in a case of fraud, and seized diamond, gold, and jewellery worth Rs 51 billion, the Business Standard reported.

The BSE said on Thursday that the Exchange has sought clarification from Gitanjali Gems. The reply is awaited.