The company's stock ended at Rs 67.95, down 9.04 per cent from its previous close on the BSE. During the day, the stock saw heavy volatility. In intra-day, it rose to a high of Rs 78.50 and a low of Rs 67.25.
At the NSE, the stock closed 9.98 per cent lower at Rs 67.20.
In the past four trading sessions, the stock had gained 53 per cent.
In a clarification to the stock exchanges, the company said: "Stock prices of the company are governed through market forces and investor's sentiments. The company do not have any control on the same and hence it's difficult to pin down a specific reason for the same."
"We further wish to affirm that the company has been regularly disseminating all disclosures, periodic as well as events based, in line with the requirement under various clauses of listing agreement," Gitanjali Gems said.