Gitanjali Gems hits lower circuit for 11th straight session

Moneycontrol Bureau

Gitanjali Gems shares are locked at lower circuit for the 11th consecutive session today after the RBI norms to reduce gold imports and fall in gold prices in international market.

The stock has lost 67% of its market capitalisation since the start of 2013.

Rating company CARE has downgraded bank facilities and instruments of the jewellery manufacturer and its subsidiaries and step down subsidiaries by one notch 'on account of stressed liquidity position.'

At 15:07 hours IST, the stock was quoting at Rs 174, down 5 percent on the Bombay Stock Exchange. There were pending sell orders of 2,970,331 shares, with no buyers available.

It was locked at 5 percent upper circuit for the last week as well, before that it shed 20 percent for two days and 10 percent for three days.

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