Gitanjali Gems locked in 20% LC

Gitanjali Gems was locked on the 20% LC at Rs.37.55 and this did not come as a surprise at all, given the scam which has unfolded in PNB.

This was the second straight day of getting locked on the LC as its promoter, Mehul Choksi is allegedly one of the main scamsters along with Norav Modi, for duping PNB of over Rs.11,000 crore.

Gitanjali Gems did issue a statement saying that Choksi did not have any current dealings with the companies that have been named in the FIR lodged by PNB.

In the current dstate, whatever statements get announced, it would make no difference as the market is not in any mood to relent and pay ny attention to such statements.