Share Market: Gensol Engineering shares fall for day 13, lower circuit hits the market again

New Delhi| Shares of Gensol Engineering continued to fall on Monday. The company’s shares fell by five percent and it again took a lower circuit. The company’s share fell 5 per cent on BSE to an acceptable limit of minimum turnover and a 52-week low of Rs 86.50. In NSE it fell by 5 per cent to Rs 85.65. This is another low circuit of the share and the lowest level at 52 weeks.

The company’s shares have continued to fall for the 13th consecutive trading day on Monday. During this period, shares have fallen by 47 per cent. From its 52-week high of Rs 1,125.75, the company’s share has fallen by 92.31 per cent.

Regulatory action is being taken against Gensol and BluSmart promoters Anmol Singh Jaggi and Puneet Singh Jaggi brothers over allegations of diversion of loan amount for EV purchase by Securities and Exchange Board of India (SEBI). SEBI has imposed capital market restrictions on both of them, barring them from holding stake in listed companies.

Gensol Engineering is providing services such as solar consulting services, engineering, procurement and construction (EPC) services, and leasing of electric vehicles. SEBI received a complaint in June 2024 relating to share price manipulation and diversion of funds from Gensol and thereafter began investigating the matter.

In addition, SEBI directed Gensol Engineering to postpone its plans for stock split in the ratio of 1:10.