ED likely to examine Gensol Engineering case under PMLA Act, says report; Stock down 43% in 9 days
By Aditya Bhagchandani Published on April 22, 2025, 11:29 IST
Shares of Gensol Engineering Ltd were locked in the 5% lower circuit for the eighth consecutive session on April 22, slipping to ₹105.17 on the NSE. The stock has now plunged nearly 40% in just eight trading days, triggering panic among investors.
According to CNBC-TV18, the Enforcement Directorate (ED) is likely to examine the Gensol Engineering case under the Prevention of Money Laundering Act (PMLA). The agency is reportedly studying financial irregularities in the company and may seek further information from various stakeholders, including regulatory bodies.
In a key development, the ED on Sunday confiscated a stake in Gensol Engineering that was allegedly linked to the Mahadev Betting App—a move that intensified investor concerns.
The stock opened and closed at ₹105.17, a sharp fall from the previous close of ₹110.71. With today's drop, Gensol shares have now hit the lower circuit in eight straight sessions, and are down over 60% from their 52-week high of ₹1,124.90. The company's market cap has eroded to ₹4.04 billion. Gensol Engineering Share Price history Day Open Close Change %
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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