The 91.9 per cent slide in the stock price of Gitanjali Gems since April has depleted the value of promoter Mehul Choksi's holding in the company by at least Rs 17 crore a day on an average.
His 59.44 per cent stake in the firm, valued at nearly Rs 3300 crore in April, is now worth only a little over Rs 260 crore - a plunge of over 90 per cent in a little over two quarters.
During this period, the Gitanjali Gems shares have skidded from Rs 649.5 to Rs 52.5 on Friday.
As on June 30, Choksi held 55 per cent in the company.
Text: Sachin P Mampatta and Dilip Kumar Jha, Business Standard
Image: Mehul Choksi (in centre in a black coat) hands over the trophy to the winning team in the 4th Polo Asia Cup in Mumbai, sponsored by Gitanjali Gems
Images Courtesy: Gitanjali Gems