Gensol Engineering shares tumble 5%; hit another lower circuit limit

Nhares of Gensol Engineering crashed 5% to hit another lower circuit limit on Monday 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 tanked 4.98% to Rs 111.65 -- its lowest trading permissible limit as well as 52-week low -- on the BSE on Monday.

At the NSE, it slumped 5% to Rs 110.71 -- the lower circuit as well as 52-week low level.

From its 52-week high of Rs 1,125.75, the stock is now down 90%.

Shares of the firm had hit the lower circuit limits on Wednesday and Thursday last week 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 into the ratio of 1:10 on hold.