Gensol Engineering shares tumble for 13th day; hit another lower circuit limit

The stock of the firm tanked 5% to hit the lowest trading permissible limit as also its 52-week low of ₹86.50 on the BSE.

At the NSE, it dropped 5% to ₹85.65 - its lower circuit as well as 52-week low level.

The stock has been falling for the 13th trading day, including Monday, and has slumped 47% during this time.

From its 52-week high of ₹1,125.75, the stock has lost 92.31%.

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.

At 11:49 AM, shares of Gensol Engineering Limited are currently trading 5% lower at ₹85.65 apiece on the NSE. u