Gensol Engineering shares in free-fall for 14th day; hit another lower circuit limit

Shares of Gensol Engineering tanked 5% to hit a fresh lower circuit limit on Tuesday due to ongoing crisis at the firm.

The stock of the firm dropped 4.97% to ₹82.20— the lowest trading permissible limit for the day as also its 52-week low on the BSE.

Shares of the firm fell 5 per cent to hit its lower circuit as well as a 52-week low level of ₹81.36 on the NSE.

This is the 14th day of decline for the stock.

From its 52-week high of ₹1,125.75, the stock has lost 92.69%

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.