Gensol Engineering shares fall by 98 percent
New Delhi. The share of Gensol Engineering (Gensol Engineering Share Price) is currently around Rs 2400. But today this share has come to Rs 28. On October 13, 2023, the share of this company was at Rs 2,392.05, whereas today on Tuesday this share is at Rs 27.85. That means it has lost 98 percent since then.
In fact, Gensol Engineering's promoters Anmol and Puneet Singh Jaggi, both brothers, faced fraud charges, with India's market regulator SEBI alleging that funds were misused for personal luxury (like a flat in Gurugram) instead of EV projects of the company's BlueSmart venture, leading to loan default and regulatory action.
The consequences include a ban on the brothers and insolvency proceedings against Gensol by IREDA in 2025.
condition of stock is bad
Gensol Engineering shares ruined
SEBI's investigation into serious regulatory issues including fund diversion, share price manipulation and false disclosures by promoters along with weak financial position such as high debt and non-achievement of revenue targets has led to a sharp decline in Gensol Engineering's stock, which has created a lot of distrust among investors and led to huge losses.
As a result, Gensol's stock was downgraded by credit agencies and the share price fell further.
Claim of huge EV order worth ₹30,000 crore with Bhatt Mobility found false. Despite claims, very little work was actually being done at the plant, further eroding trust in the company. SEBI banned the Jaggi brothers from leadership roles, ordered a forensic audit and raided Gensol's premises.
Anmol and Puneet Singh Jaggi resigned from their positions at Gensol.
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(Disclaimer: Information about a single share is given here, not investment advice. Jagran Business is not giving investment advice. Investing in the stock market is subject to market risks, so please consult a certified investment advisor before investing.)
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