Genus Power shares locked in 5% lower circuit; here's what's dragging stock

Genus Power Infrastructure shares were frozen in a 5 per cent lower circuit in Thursday's trade and logged an intraday low at Rs 439.75 per share. The stock fell after the Directorate of Enforcement conducted a search at the company’s corporate office and its Chairman’s residence.

 

Around 11:44 AM, Genus Power share price was down 4.99 per cent at Rs 439.75 per share. In comparison, the BSE Sensex was down 0.39 per cent at 80,643.44. The market capitalisation of the company stood at Rs 

13,362.08 crore. The 52-week high of the stock stood at Rs 485.85 per share and 52-week low of the stock stood at Rs 204.6 per share.

 

On Wednesday, after market hours, the company informed investors through an exchange filing that the company's corporate office was searched by the Directorate of Enforcement on December 3, 2024. 

 

The filing added: During the search, the company’s business operations remained unaffected and continued as usual.

 

"The company has extended full cooperation to the officials and promptly provided all requested clarifications and details during the search proceedings," Genus Power said. 

 

Genus Power Infrastructures in September quarter reported a multifold jump in its standalone net profit of Rs 58.25 crore in the September quarter due to higher income.

 

It had posted Rs 11.02 crore in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing. The company's total income rose to Rs 518.28 crore from Rs 268.51 crore a year ago.

 

Genus Power Infrastructures Ltd. is an Indian company engaged in the manufacturing and supply of electrical equipment, specializing in energy meters, power distribution, and related infrastructure solutions. The company is known for providing a wide range of products and services to the energy sector, including electricity metering solutions, power distribution automation, and smart grid technology.

 

The company is focused on enhancing the efficiency of the power sector by offering advanced technological solutions that ensure accurate metering, energy conservation, and better management of electricity distribution. The company serves a diverse range of industries, including utilities, commercial, and residential sectors. With a strong emphasis on innovation and quality, Genus Power Infrastructures has built a reputation for providing reliable, high-performance products and services.

 

In the past one year, Genus Power shares have gained 95.5 per cent against Sensex's rise of 17 per cent.