Gitanjali tanks 61% in seven days, PC Jeweller plunges 42% in one month

Shares of gems and jewellery companies continued under pressure falling by up to 61% in past one month on concerns of tighter regulations after the fraud at the state-owned Punjab National Bank (PNB).

Gitanjali Gems is locked in lower circuit for the sixth straight trading sessions, down 5% at Rs 26.10, also its fresh low on the BSE. In past seven trading sessions, it tanked 58% from Rs 62.85 on February 12, following the PNB's declaration of unearthing a fraud of Rs 113 billion involving diamantaire Nirav Modi.

The exchanges has changed circuit filter of the stock from 10% to 5% with effect from today.
On February 14, the PNB revealed some rogue employees had issued letters of undertaking (LoUs) via the SWIFT (Society for Worldwide Inter-Bank Financial Telecommunication) system on behalf of companies belonging to diamantaire Nirav Modi and associate Mehul Choksi, the promoter of Gitanjali Gems.

In past one month, Gitanjali Gems plunged 62% from Rs 26.10 on the BSE against 5.7% decline in the S&P BSE Sensex.