Gensol Shares Hit Lower Circuit: Promoters Resign After Sebi Order

New Delhi, May 13 (PTI) Shares of Gensol Engineering tanked 5 per cent on Tuesday, hitting a new lower circuit limit, after promoters of the beleaguered firm Anmol Singh Jaggi and Puneet Singh Jaggi, resigned from the company.

The stock dropped 4.99 per cent to Rs 51.84 -- its 52-week low as well as the lower circuit limit -- on the BSE.

At the NSE, shares of the firm tumbled 5 per cent to hit the lowest trading permissible limit for the day as also a 52-week low of 51.25.

From its 52-week high of Rs 1,125.75, the stock is down 95.39 per cent. The stock has been falling for the past 23 trading sessions, tanking 68.28 per cent.

Promoters of beleaguered Gensol Engineering, Anmol Singh Jaggi and Puneet Singh Jaggi, have resigned from the company following market regulator Sebi's interim order, according to an exchange filing on Monday.

Anmol Singh Jaggi held the post of Managing Director while Puneet Singh Jaggi was a Whole-time Director.

Earlier on April 15, the Securities and Exchange Board of India (Sebi) barred Gensol Engineering and promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities markets till further orders in a fund diversion and governance lapses case.

The regulator also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders.

The markets watchdog also directed Gensol Engineering Ltd to put on hold the stock split announced by it.

Gensol Engineering in the exchange filing stated that Anmol Singh Jaggi, Managing Director, and Puneet Singh Jaggi, Whole-time Director, have tendered their resignation. They shall also cease to be a Member of the various committees of the company.

Citing the Sebi order of April 15, 2025, as the main reason for the resignation, the company stated as per the resignations, they relinquished charge of their posts "with effect from the close of business hours on May 12, 2025".