Gensol Engineering Faces Financial Freefall and Investigation
Gensol Engineering, a company troubled by a prolonged crisis, has seen its stock decline drastically by 94% from a previous high. Investigations have been ordered due to alleged governance lapses and fund misappropriations. This follows regulatory actions against the company's promoters for financial misconduct.
- Country:
- India
Gensol Engineering shares took another hit on Tuesday, marking the 18th consecutive day of decline and setting a new lower circuit limit.
On the BSE, the stock plummeted 4.99% to Rs 66.97, while on the NSE, it fell 5% to Rs 66.25, both achieving a 52-week low.
The ongoing slide has resulted in a 59% decrease during this period, and a steep 94% fall from its 52-week high of Rs 1,125.75.
New regulatory scrutiny has emerged as the corporate affairs ministry initiated an inquiry into Gensol Engineering and BluSmart Mobility, owing to suspected companies law violations.
The probe was triggered by previous Sebi actions in April against Gensol's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, who face accusations of misusing company funds for personal benefit, sparking concerns about their corporate governance practices.
(With inputs from agencies.)
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