Gensol Engineering Faces Stock Plunge Amid SEBI Scrutiny

Gensol Engineering's shares plummeted to a 52-week low following a 16-day decline, losing 93.40% from its peak. This drop coincides with SEBI's investigation into alleged fund diversion by the firm's promoters. Trading in Gensol is impacted as SEBI imposes restrictions and halts planned stock actions.

Gensol Engineering's stock extended its downward spiral on Friday, marking the 16th consecutive day of decline, with shares dropping by 5% to a fresh lower circuit limit on the BSE.

The stock nosedived to Rs 74.20, touching a 52-week low and hitting the maximum permissible trading limit for the day. At the NSE, shares fell to Rs 73.42, also reflecting a 52-week low.

This sustained downturn coincides with regulatory actions against the company's promoters, Anmol and Puneet Singh Jaggi, who face a marketplace ban by SEBI over allegations of fund misallocation. In response, SEBI has deferred Gensol's planned stock split.

(With inputs from agencies.)