Gensol Engineering Shares Hit Lower Circuit: Sebi Probe

New Delhi, Apr 23 (PTI) Shares of Gensol Engineering dropped 5 per cent to hit fresh lower circuit limit on Wednesday, as investors stayed away from the 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.

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 tumbled 5 per cent to Rs 100.80 -- its lowest trading permissible limit as well as 52-week low level -- on the BSE.

Shares of the firm tanked 5 per cent to Rs 99.91 -- the lower circuit as well as 52-week low level -- on the NSE.

The stock has been hitting the lower circuit limits for the past five trading days, including Wednesday.

From its 52-week high of Rs 1,125.75, the stock has tumbled 91 per cent.

The stock has been tumbling for the past 10 trading days.

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.