Market valuation of Gitanjali Gems went down by Rs 300 crore in the last three trading sessions, as the counter saw severe selling pressure after the company came under scanner of various investigating agencies following Punjab National Bank's Rs 11,400-crore fraud detection.
During the day, the company's stock opened on a bearish note, then fell 20 per cent to a low of Rs 37.55, and ended at the same on both BSE as well as the NSE. This is the second consecutive day that the stock has registered a 20 per cent fall. Following the downtrend, the market capitalisation of the company was eroded by Rs 300 crore in the last three trading sessions. At the end of Friday's trading, it came down to Rs 445.40 crore.