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Gensol Engineering shares hit 5 per cent lower circuit on Wednesday, April 16, 2025, at Rs 123.65 per share on BSE. The southward movement in the stock came after market regulator Securities and Exchange Board of India (Sebi) debarred promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market. Sebi alleged the diversion of funds and fraudulent practices by the promoters.
Around 9:34 AM, Gensol Engineering share price was down 4.99 per cent at Rs 123.65 per share on BSE. In comparison, the BSE Sensex was up 0.01 per cent at 76,741.59. The market capitalisation of the company stood at Rs 469.90 crore. The 52-week high of the stock was at Rs 1,125.75 per share and the 52-week low was at Rs 123.65 per share.
According to a report by Business Standard, in an interim order, the market regulator restricted promoters from holding any key position at any listed company until further orders.
The Gensol fund diversion case adds to the already long list of Indian startups across categories that have been found lacking in regulatory compliance.
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Sebi’s investigation showed that sanctioned term loans funds were used for purposes unrelated to its objective. These included personal expenses of the promoters, purchase of high-end real estate, and diversion to benefit private entities either owned by the promoters or their close relatives.
Nearly Rs 262 crore of loans taken by the company remain unaccounted for, even though more than a year has passed since it availed of the last tranche of financing. Follow Stock Market Live Updates today
Sebi started scrutinising the case after multiple complaints and subsequent downgrades of Gensol's credit ratings by CARE Rating and Icra due to delays in servicing debt obligations by BluSmart Mobility, a related party of Gensol.
The regulator has also kept the company’s pending stock split on hold. It will appoint a forensic auditor to examine the accounts of Gensol and its related parties which will submit its report within six months of appointment.
In the past one year, Gensol Engineering shares have lost 85 per cent as compared to Sensex's rise of 5 per cent.
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