Gitanjali Gems

Shares in Gitanjali Gems have fallen once again in trade as news on PNB, Gitanjali Group and Nirav Modi fails to die down.

The stock was down 10 per cent for the third straight day with only sellers on the counter. The shares were trading at Rs 30, with more than 1 crore shares on the sell side with no buyers.

The promoter of the Gitanjali group, is the uncle of Nirav Modi, whose firms are said to be linked in a bank fraud aggregating Rs 11,000 crores. Most analysts suggest selling the stock even at these levels. 

Fortis Healthcare

Shares in Fortis Healthcare dived 4 per cent in trade early morning, but, jumped thereafter. There were reports of investigation by the Serious Fraud Investigation Office (SFIO) against the company.

However, the company has denied the same. Over the last one year, the stock has lost nearly a third of its value.

Meanwhile R K Damani, promoter of D-mart, has bought 26.5 lakh shares of Fortis Healthcare at Rs 144.35 per share. This did provide some respite to the stock. 

UCO Bank

Shares in UCO Bank were down despite fund raising plans. The company has sought shareholders' nod to issue shares worth up to Rs 6,510 crore on a preferential basis to the government.

However, this did not have a major positive impact on the stock, given the way government owned banks have been hammered down following the recent fraud at Punjab National Bank.

The shares of UCO Bank were trading at Rs 26.45, down almost 2 per cent in trade. The stock was trading with heavy volumes and a further downside in government owned stocks cannot be ruled out.

PNB

Shares in Punjab National Bank hit a fresh 52-week low of Rs 111 in trade, as news on the PNB fraud failed to die down. Increasingly, investors are now getting jittery that the lender may have to take a hit of Rs 11,000 crores because of the fraud.

Any hopes of recovery from Nirav Modi of the said amount, now looks very low. Most analysts are now weary of investing in the stock even at these levels and are suggesting a strict sell on the stock. The shares recovered marginally from Rs 111 and was last trading at Rs 116.