Gensol Engineering share price hits lower circuit as IREDA moves to debt recovery tribunal for ₹510 crore claim
Stock Market Today: Gensol Engineering share price hit lower circuit in the morning trades on the NSE on Thursday. The reason for the decline in Gensol Engineering share price was that IREDA or Indian Renewable Energy Development Agency Limited announced moving to debt recovery tribunal for ₹ 510 crore claim
Indian Renewable Energy Development Agency Limited or IREDA intimated the National Stock Exchange of India and the BSE or the Bombay Stock Exchange on Wednesday 21 May 2025 post market hours about Filing of Application before Hon'ble Debt Recovery Tribunal, Delhi against M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited
As per its release by Indian Renewable Energy Development Agency Limited or IREDA and referring to their earlier letter dated 14.05.2025 and 16.05.2025 with respect to M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited respectively, intimated about its fresh Debt recovery intiatives against Gensol.
Indian Renewable Energy Development Agency Limited or IREDA informed that the Company has filed an Original Application under Section 19 of The Recovery of Debts and Bankruptcy Act, 1993 before Hon'ble Debt Recovery Tribunal Delhi on 20.05.2025 for a default amount of Rs. 510,00,52,672/- (Rupees Five Hundred Ten Crore and Fifty Two Thousand Six Hundred and Seventy Two Only) and Rs. 218.95 Crore (Rupees Two Hundred and Eighteen Crore Ninety Five Lakh Only) against M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited respectively.
Gensol Engineering share price opened at ₹ 68.30 on the NSE on Thursday. Gensol Engineering share price had opened much lower than the previous days closing price of ₹ 69.70 Notably the opening price of Gensol Engineering share price of ₹ 68.30 on Thursday was also the lower price band for Gensol Engineering share price. Hence the Gensol Engineering share price hit lower circuit at the time of opening on Thursday
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