Plummeting Shares: Gensol Engineering's Turmoil Deepens Amidst Regulatory Scrutiny

Gensol Engineering's shares plummeted by 5%, reaching a 52-week low amidst an ongoing crisis. The decline marks 14 consecutive days of losses, with shares down 92.69% from their peak. The Securities and Exchange Board of India is investigating the firm's promoters for alleged misuse of loan funds.

The ongoing crisis at Gensol Engineering has led to a drastic 5% fall in its shares, reaching a 52-week low. This marks the 14th consecutive day of decline for the company, with its stock losing an astounding 92.69% from its 52-week high. Investors remain wary of Gensol's future as regulatory hurdles continue to loom.

The turmoil was exacerbated by regulatory actions from India's Securities and Exchange Board (SEBI), which imposed a market ban on the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. The duo is facing allegations of diverting loan funds intended for electric vehicle purchases, further complicating the firm's stance in the market.

Gensol, known for its solar consulting, EPC services, and electric vehicle leasing, faces uncertainty. The planned 1:10 stock split has also been put on hold by SEBI, affecting investor sentiment. As the regulatory examination continues, the company grapples with maintaining its market position amidst these challenges.

(With inputs from agencies.)