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Shares of India’s second-largest jewellery maker by turnover Gitanjali Gems have been on a roller coaster ride since after the Mehul Choksi-led jeweller was allegedly named in nation’s biggest banking fraud at country’s second-largest PSU bank PNB. As per the probe by the CBI (Central Bureau of Investigation) and regulatory filing by Punjab National Bank (PNB), Mehul Choksi-controlled Mumbai-based Gitanjali Gems and the group companies of billionaire diamantaire Nirav Modi were named in defrauding the bank to the tune of Rs 14,400 crore.

Fall and rise of Gitanjali Gems share

Shares of Gitanjali Gems have been gaining steadily and have more than doubled in the last 17 days only. The stock of Gitanjali Gems rose 108.62% to Rs 6.05 from a share price level of Rs 2.9 as on 3 May 2018. Out of this 17-day period, unusual volumes have been spotted on several days. In the month of May 2018, JM Global Equities Pvt Ltd has bought 7 lakh equity shares, Morgan Stanley France SAS has sold a net of 44.47 lakh shares, Swapnil Mehta has bought and sold 10 lakh shares each, BP Fintrade Pvt Ltd has bought 13.2 lakh equity shares, as per the bulk deal data available with NSE.

The stock of Gitanjali Gems had plunged for over 50 straight sessions from 14 February to 3 May 2018. Over the corresponding term, Gitanjali Gems shares lost 95.38% to Rs 2.9 from a level of Rs 62.85 as on 12 February 2018.

Wanna trade Gitanjali Gems shares?

Gitanjali Gems shares are now categorised in the ‘T’ group on Bombay Stock Exchange (BSE) and in ‘BE’ series on National Stock Exchange (NSE). Both ‘T’ group and ‘BE’ series are meant for shares which can be bought or sold on the trade-to-trade basis and the facility intraday trading isn’t available. According to BSE, “the ‘T’ Group represents securities which are settled on a trade-to-trade basis as a surveillance measure.”

“The settlement of scrips available in this segment is done on a trade for trade basis and no netting off is allowed. These criteria for shifting scrips to/from trade for trade segment are decided jointly by the stock exchanges in consultation with SEBI and reviewed periodically,” according to NSE.

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