Gensol Engineering Hits 5% Lower Circuit Again After Latest Announcement

Gensol Engineering share price today climbed to 5 percent lower in the trading session following the resignation of Executive Director Anmol Singh Jagi and the Whole-Time Director Puneet Singh Jaggi quit on Monday.

As of 10:15, Gensol Engineering stock was trading at Rs51.25 per share on the 13th of May, against a the previous closing of Rs53.95.

Both resignations were announced following a Securities and Exchange Board of India (SEBI) interim order, which took effect from May 12.

"I have decided to resign the position as Managing Director of Gensol Engineering Limited starting from the time of closing the business day on 12 May 2025. In addition, I am hereby stating that I have resigned due to the directions given by Sebi Interim Order dated April 15, 2025." Anmol Singh Jaggi made clear in his resignation letter sent to the Board.

In the last month Sebi banned the brothers Jaggi from taking part in the Indian stock market today for securities indefinitely. Sebi, the regulatory body, has accused them of stealing loans of Gensol Engineering for private use, and highlighting the serious issues relating to corporate governance and financial misconduct.

The brothers are known as the ancestors of two prestigious companies: BluSmart Mobility and Gensol Engineering, both focused on clean energy and electric mobility.

The interim order of SEBI claims that Gensol committed fraud and misappropriated funds. The main claim is the theft of a term loan jointly granted between both the Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC).

The loan was aimed at buying 6,400 electric vehicles that would be loaned by BluSmart Mobility, a company associated with Gensol. The reports show that just 4,700 vehicles were acquired for Rs567 crore. This left the amount of Rs262 crore untouched.