PNJ shares hit record liquidity as diamond‑smuggling scandal drives stock plunge

Within three weeks of a July 2, 2026 diamond‑smuggling investigation that led to the arrest of P‑Lab director Đặng Ngọc Thảo, Vietnam’s PNJ saw two trading sessions set record‑high liquidity, over 41 million shares matching. The share price fell to VND 30,750, a drop of more than 50% since the scandal broke.

Foreign investors sharply reduced holdings: Dragon Capital sold more than 2.5 million shares, cutting its stake from about 5.05% to 4.56% and falling below the large‑shareholder threshold. Norges Bank, VEIL, and other funds also divested, while the Gates Foundation exited entirely. In contrast, Cao Ngọc Duy, the brother of PNJ’s chairman, bought 300 000 shares, raising his ownership to 2.7%.

PNJ announced a share‑buyback plan, independent valuation of its P‑Lab subsidiary and other liquidity‑support measures as it confronts heightened selling pressure and a surge in return‑goods volume.