Gold Silver Reports – Jewellery Stocks Down, Gitanjali Gems Shares Tank 60% – PNB Fraud — While Mehul Choksi-promoted Gitanjali Gems Ltd has lost around Rs435.91 crore or nearly 60% of its market value ever since the fraud at Punjab National Bank (PNB) came to light, the steep erosion has hammered other jewellery stocks as well.
PNB Fraud
$1.8 Billion PNB Fraud Threatens to Create Liquidity Problems in Gems, Jewellery Sector
Gold Silver Reports – PNB Fraud Threatens to Create Liquidity Problems in Gems, Jewellery Sector — The $1.8 billion fraud at Punjab National Bank (PNB) committed by billionaire jeweller Nirav Modi threatens to dry up funding for India’s gems and jewellery industry, as banks move to tighten their loan processes and seek higher collaterals.