A cheap stock could remain cheap forever if the value is destroyed. Stocks like Gitanjali Gems never recovered from that cheap zone as the business was completely wiped out post the Nirav Modi crisis
Choksi also faces a threat of extortion by jail staff, and danger to his life by jail inmates if he is brought to India and lodged in a prison here, the application said.
Shareholding of Morgan Stanley Mauritius Company Ltd and Morgan Stanley (France) has come now down to 2.06 percent from 5.25 percent.
A bench of Justices S Muralidhar and I S Mehta were hearing a plea by Choksi's firm challenging the alleged illegal seizure of documents and articles by the probe agency in a money laundering case in connection with the over Rs 11,000 crore Punjab National Bank (PNB) fraud case.
Banks will have to make provisioning of Rs 8,000 crore for Gitanjali alone as there has been no servicing of the working capital loan during Q4.
The Nifty PSU banking index jumped 3.66 percent led by Bank of India which zoomed over 9 percent intraday on the back of recovery of Rs 7,000 crore from other banks. Punjab National Bank was up 4.3 percent while Andhra Bank zoomed over 5 percent.
The top Sensex gainers were Videocon which jumped 5 percent followed by INOX Leisure, Vakrangee and Religare, each adding over 3 percent. IFCI added 2.8 percent in the morning trade.
The market breadth was in favour of the declines with 677 stocks advancing while 1039 declined and 302 remained unchanged. On the other hand, in the BSE, 989 stocks advanced and 1634 declined and 149 remained unchanged.
Experts bet big on Titan, citing strong fundamentals along with strong management and element of trust.
The agency on Tuesday arrested Vipul Chitalia in the Rs 12,636-crore PNB scam and claimed that he was a "mastermind" who reported directly to diamond trader Mehul Choksi.
The market breadth was in favour of the declines with 428 stocks advancing while 1215 declined and 367 remained unchanged. On the other hand, in the BSE, 645 stocks advanced and 1542 declined and 94 remained unchanged.
The market breadth was in favour of the advances with 878 stocks advancing while 789 declined and 348 remained unchanged. On the other hand, in the BSE, 1268 stocks advanced and 1260 declined and 160 remained unchanged.
The central probe agency issued a provisional order for attachment under the Prevention of Money Laundering Act (PMLA).
Already, two top level executives -- compliance officer Pankhuri Warange and Chief Financial Officer (CFO) Chandrakant Karkare -- have resigned.
The countries where the LRs would be sent include Belgium, Hong Kong, Switzerland, the United States, the United Kingdom, Dubai, Singapore and South Africa.
Institute constitutes high-powered group to study issues in the case and suggest remedial measures for the banking system.
Full text of the letter written by Mehul Choksi to Gitanjali's employees
The move will prevent the Gitanjali group companies from accessing the market.
The ICAI has also issued show cause notices to auditors of Punjab National Bank (PNB) and Gitanjali Gems.
Jammu and Kashmir Bank today said it had "no direct exposure" to the companies of Nirav Modi and was not affected by the fraudulent Letters of Undertaking (LoUs) issued by the Punjab National Bank.
The officials said the property has been provisionally attached under the Income Tax law and the action was taken to "recover outstanding tax demands".
CBI has said that cases have been registered against all the three accused under 120 (B), 420 of IPC
The stock tanked 9.91 per cent to Rs 30.45 -- its lowest trading permissible limit -- on BSE.
The bank, however, added that it has a "small, two-digit exposure" to Gitanjali Gems not linked to any LoUs", without disclosing the exact amount.
The scam-hit state-owned bank had asked the four group companies to pay the "outstanding dues" amounting to Rs 1045.88 crore "within days".