Shares in Gitanjali Gems were trading at the lower end of the circuit filter for the 12th straight day, hitting a fresh 52-week low of Rs 163.
The shares of the company have now fallen from a high of Rs 643 to the current levels, with no takers despite the huge fall.
One of the triggers for the sharp drop in the share price has been the decision by the RBI to restrict the import of gold on consignment basis by banks, nominated agencies/premier/star trading houses who have been permitted by Government of India, to import gold only to meet the genuine needs of the exporters of gold jewellery.
"It was advised that all Letters of Credit (LC) to be opened by Nominated Banks / Agencies for import of gold under all categories will be only on 100 per cent cash margin basis and imports of gold will necessarily have to be on Documents against Payment (DP) basis. Accordingly, gold imports on Documents against Acceptance (DA) basis will not be permitted," the RBI had said earlier in June.
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