Following the $1.8 billion fraud detected by the Punjab National Bank (PNB), stocks of jewellery company Gitanjali Gems on Friday plunged nearly 20 per cent - hitting its lower circuit - while PNB's shares closed over 2 per cent lower. Meanwhile, PNB shares were trading 2.5 per cent lower today at Rs 125.20. Incidentally, LIC's holding in all these four entities is the single largest institutional holding and, therefore, it is the biggest loser as an investor in these companies following the crash in share prices after the fraud came to light.
Jewellery stocks such as PC Jeweller and Gitanjali Gems sank up to 24 per cent after the PNB fraud issue accentuated and cast its shadow on a couple of banks and jewellery firms too. The two banks figure in the list of top 10 companies where LIC increased its holding in the quarter ended December 2017.
In the filing, PNB put the quantum of fradulent transactions at $1,771.69 million (around Rs 11,515 crore), which is equivalent to eight times the bank's net income of about Rs 1,320 crore ($206 million).
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While PNB has stated that the fraud on account of letter of undertaking issued to Nirav Modi's companies amounts of $1.77 billion (over Rs 11,000 crore), other banks also have exposure to it, said a PNB official.
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Bhavnagar: A jeweller from Gujarat's Bhavnagar, Digvijay Singh Jadeja, on Friday said that he had informed the Gujarat High Court and the state government against Mehul Choksi, overseeing chief of Gitanjali Gems, in 2015, however no one heard him in those days. The LoUs, issued when overseas import installments are included, fundamentally ensure risk installment by one bank to another in the interest of its customer. "There is evidence of current association of this outlet with the main company (Gitanjali Gems)", the ED source said.
