Gitanjali Gems at new low
The woes for Gitanjali Gems continue. It consistently figures out in the top losers list and today too, it has not disappointed, down 5.36% at rs.51.25, a slight recoup after having hit a new 52-weel low today at Rs.51.15.
The stock has been hitting new lows since the time the company announced on 25th Sept, Wednesday that FII Credit Suisse (Singapore) sold 2.15% stake in the company at Rs.60.10/share om the NSE, which were bought by Venus Capital Managemnet. Post this stake sale, Credit Suisse has a tiny 0.02% stake remaining, which does not tantamount to much. Tight and stressed liquidity in the company and RBI’s recent restrictions on gold import have pushed the price southwards, with most ratings agencies downgrading the company.