Crisis Unfolds: Gensol Engineering's Steep Stock Plunge

Gensol Engineering's stock hit a 52-week low due to ongoing crises, dropping 92.69% from its peak. Promoters face regulatory scrutiny over alleged loan diversion, resulting in a capital market ban. SEBI investigates fund misuse, halting Gensol's 1:10 stock split plan.

Gensol Engineering's shares experienced a significant drop, plummeting by 5% on Tuesday, reaching a new lower circuit limit amid ongoing crises at the company.

The share price on the BSE fell to Rs 82.20, marking its lowest permissible trading limit for the day and hitting a 52-week low. Similarly, on the NSE, the stock fell to Rs 81.36, indicating a persistent 14-day decline streak.

The fall traces back to regulatory actions against company promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, who face allegations of diverting loan funds intended for EV purchases. Consequently, SEBI imposed a ban on them, complicating matters with further legal scrutiny.

(With inputs from agencies.)