Gensol shares tumble 5 per cent; hit fresh lower circuit level

Shares of Gensol Engineering tumbled 5 per cent to hit another lower circuit limit as investors continued to desert the company's counter amid the ongoing crisis at the firm

New Delhi: Shares of Gensol Engineering tumbled 5 per cent to hit another lower circuit limit on Tuesday as investors continued to desert the company’s counter amid the ongoing crisis at the firm.

Sebi, through its interim order on Tuesday last week, barred brothers Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets until further notice.

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The action comes amid accusations of siphoning off loan funds from their publicly listed company, Gensol Engineering, for personal use, raising concerns over corporate governance and financial misconduct.

On Tuesday, the stock tanked 4.97 per cent to Rs 106.10 — the lowest trading permissible limit as well as 52-week low level — on the BSE. Shares of the firm dropped 5 per cent to Rs 105.17 — the lower circuit as well as 52-week low level on the NSE. From its 52-week high of Rs 1,125.75, the stock is now down 90.57 per cent.

Shares of the firm had hit the lower circuit limits on Wednesday and Thursday last week and on Monday as well. 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 in the ratio of 1:10 on hold. The Corporate Affairs Ministry on Monday said it will take necessary action in the Gensol Engineering matter after examining the market regulator Sebi’s order against the company.