Gensol Engineering Stocks Plummet as Key Leaders Resign Amid SEBI Scrutiny
Shares of Gensol Engineering fell 5% following the resignation of its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. This decline coincides with SEBI's ongoing investigation into fund diversion and governance lapses. The resignations followed SEBI's restrictions on the duo and Gensol's market activities.
- Country:
- India
Shares of Gensol Engineering saw a sharp fall of 5% on Tuesday, hitting a new lower circuit limit, as company promoters Anmol Singh Jaggi and Puneet Singh Jaggi announced their resignations.
The stock plummeted to Rs 51.84 on the BSE, marking its 52-week low, and experienced the same downward trend on the NSE. The company has been on a declining streak for 23 consecutive trading sessions, signifying a significant loss in investor confidence.
The resignations come in the wake of a Securities and Exchange Board of India (SEBI) interim order, which barred the firm and its promoters from participating in the securities market due to allegations of fund mismanagement and governance issues. SEBI has also suspended Anmol and Puneet Singh Jaggi from holding directorial positions, and directed the company to halt a proposed stock split.
(With inputs from agencies.)
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