Gensol Engineering Shares Plunge 12th Day: Crisis Deepens

New Delhi, Apr 25 (PTI) Shares of Gensol Engineering continued to face drubbing, tumbling 5 per cent on Friday, to hit fresh lower circuit limit, amid the ongoing crisis at the firm.

The stock of the crisis-hit firm tanked 4.96 per cent to Rs 91.05 -- the lowest trading permissible limit for the day as well as a 52-week low level -- on the BSE.

At the NSE, it dropped 5 per cent to Rs 90.16 -- the lower circuit as well as 52-week low.

The stock has been tumbling for 12 trading days, including Friday. Shares of the firm have lost over 44 per cent in 12 days.

From its 52-week high of Rs 1,125.75, the stock has tumbled 91.91 per cent.

The Enforcement Directorate Thursday conducted searches against beleaguered Gensol Engineering Ltd and detained its co-promoter Puneet Singh Jaggi from a Delhi hotel, official sources said.

The raids were conducted at the company's premises in Delhi, Gurugram and Ahmedabad under the provisions of the Foreign Exchange Management Act (FEMA).

The promoter brothers of the company -- Anmol Singh Jaggi and Puneet Singh Jaggi -- are under the scanner of the federal probe agency following a Sebi report against them for alleged financial misconduct, corporate misgovernance and diversion of funds.

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.

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.