Shares of PC Jeweller remained volatile even as the company denied reports that the Central Bureau of Investigation (CBI) was conducting searches at its stores in Nagpur.
Market talk about the ‘search’ had pushed shares to a low of Rs 95.05 earlier in the session.
The shares have trimmed losses and were trading at Rs 107 (down 1.5 percent at 12.45 pm).
Speaking to Moneycontrol, PC Jeweller's CEO Balram Garg denied talk of CBI searches at its Nagpur stores.
There were media reports about Garg having been arrested by the CBI on Wednesday.
“We have not been questioned by the CBI nor have been approached by SEBI (in connection with the fall in share price),” Garg said.
So far in 2018, PC Jewellers shares have fallen 76 percent. The slide was triggered by the negative sentiment for the sector in general following the fraud at Punjab National Bank (PNB) by jewellery firms Nirav Modi and Gitanjali Gems.
Also, the company’s association with controversy hit-Vakrangee aggravated the selling pressure.
Garg said, “The board is scheduled to meet on May 25, when the quarterly results will be announced. And any decision of a buyback rests with the board.”
PC Jeweller rebounded 10 percent in late trade after falling 14 percent intraday.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
