Gensol Engineering shares tumble for 13th day; hit another lower circuit limit
Gensol Engineering's stock faces a sharp decline, hitting a lower circuit. This comes amid Sebi's investigation into promoters Anmol Singh Jaggi and Puneet Singh Jaggi. They are accused of diverting loan funds meant for EV purchases. Sebi has barred them from capital markets. The company's planned stock split is also on hold.
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Shares of Gensol Engineering extended their sourthward journey on Monday, dropping 5 per cent, to hit a fresh lower circuit limit , amid the ongoing crisis at the firm. The stock of the firm tanked 5 per cent to hit the lowest trading permissible limit as also its 52-week low of Rs 86.50 on the BSE.At the NSE, it dropped 5 per cent to Rs 85.65 -- its lower circuit as well as 52-week low level.The stock has been falling for the 13th trading day, including Monday, and has slumped 47 per cent during this time.From its 52-week high of Rs 1,125.75, the stock has lost 92.31 per cent.Brothers Anmol Singh Jaggi and Puneet Singh Jaggi , promoters of Gensol and BluSmart, are facing regulatory action by the Securities and Exchange Board of India (Sebi) over allegations of diversion of the loan money meant for EV purchase. Sebi has imposed a capital market ban on the duo, barring them from holding positions in listed companies. Gensol Engineering is engaged in providing solar consulting services , engineering, procurement and construction (EPC) services, and leasing of electric vehicles, among others.Sebi received a complaint in June 2024 related to the manipulation of share price and diversion of funds from Gensol and thereafter, started examining the matter.Additionally, Sebi directed Gensol Engineering to put its planned stock split into the ratio of 1:10 on hold.
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