The PNB case seems like a total nightmare to me. While the city may be passive readers, only investors in one of the hardest hit scrips feel the heartache. Gitanjali was the only stock I actually bothered to go through the entire annual report in a single day, 236 pages, last Sunday, just before buying those 1000 shares @60. The crash and bad news came a day after. While the company looks sound on paper, I ignored the vital flaw staring me in the face. I’ve always ignored ethical management as being relevant for investment decisions and paid a steep price for the lesson. I tried buying Stocks cheap, and this was, but cheap quality seems to be a more worthy criteria. No one saw this coming at all and is very unfortunate.
However, if the balance sheet is found to be sound and the estimated debts can be payed, choksi will be voted out and the company may be very very attractive, something that seems very likely.