PNJ stock slides sharply as VinaCapital fund ends its stake

Shares of Vietnam's jewellery group PNJ (Phu Nhuan Jewellery Joint Stock Company) hit a 15‑month low on 13 July, falling 4.7% to VND 44,400 per share amid heavy selling pressure and record‑high turnover of about 3.4 million shares. Company executives, including CEO Phan Quốc Công, registered purchases of up to one million shares to reinforce confidence, while the board also announced a potential share‑buy‑back plan.

In parallel, VinaCapital’s fund sold roughly 3.1 million PNJ shares on 8 July, cutting its holding to under 5% of the capital and ending its status as a major shareholder. The sell‑off came after prosecutors detained former P‑Lab director Đặng Ngọc Thảo on allegations of an international diamond‑smuggling ring involving more than 28,000 stones, a scandal that has further weighed on the stock. Following the fund’s exit, the share price continued to tumble, down about 45% from its peak in early 2026.

The combined pressure from the investigation and the large‑scale divestment has amplified market volatility, prompting the company to reassure investors that its diamond imports are sourced legally from Thailand and Hong Kong and that P‑Lab’s role is limited to certification services.