Indian jewellery and manufacturer and trader Gitanjali Gems listed on the National Stock Exchange (NSE) of India in March 2006. In February 2018, Gitanjali disclosed that the company's managing director, Mr. Mehul Choksi, had been named in a criminal investigation. Less than a week later the company disclosed that it would be unable to publish its 3Q18 results due to "certain pressing contingencies", prompting a share price collapse. It transpired that in January 2018, Punjab National Bank (PNB) filed a criminal complaint against the company relating to fake letters of credit. The bank subsequently pulled Gitanjali's credit lines in February which led to the company entering insolvency proceedings in October.  

Last updated May 2022.

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