Gensol Tumbles 5% To Fresh Lower Circuit Limit

Shares of crisis-hit Gensol Engineering extended their falling streak to the 16th straight day on Friday, tumbling 5 per cent, to hit a fresh lower circuit limit. The stock declined 4.99 per cent to Rs 74.20 -- its lowest trading permissible limit for the day as also a 52-week low -- on the BSE. Shares of the firm tanked 5 per cent to drop to the lower circuit as well as a 52-week low level of Rs 73.42 at the NSE. This is the 16th straight day of decline for the stock. During this time, it has lost 54.60 per cent. From the 52-week high of Rs 1,125.75, the stock has dropped 93.40 per cent. Equity markets were closed on Thursday for 'Maharashtra Day'. 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, 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