Gensol Engineering shares hit another lower circuit level; drop for 11th day

Shares of Gensol Engineering continued their southward journey on Thursday, tumbling 5% to hit another lower circuit level, 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.

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.

The stock of the crisis-hit firm dropped 4.96% to ₹95.80—its lowest trading permissible limit for the day as well as a 52-week low level—on the BSE.

At the NSE, it dived 5% to hit the lower circuit as well as the 52-week low of ₹94.91.

From its 52-week high of ₹1,125.75, the stock has lost 91.49% so far.

The stock has been tumbling for 11 trading days, including Thursday.

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.

The Corporate Affairs Ministry on Monday said it will take necessary action in the Gensol Engineering matter after examining market regulator SEBI's order against the company.