Gensol Engineering Shares Plummet Amid Promoter Stake Divestment

Shares of Gensol Engineering fell sharply by 5% after the company's promoters sold a 2.37% stake. This resulted in a 46% decline over the last 10 trading sessions. The divestment is part of a strategy to strengthen the company by reinvesting through equity infusion.

Shares of Gensol Engineering saw a 5% decline on Monday, hitting a 52-week low after the company's promoters divested a 2.37% stake in the engineering, procurement, and construction (EPC) firm.

The stock fell to Rs 305.15 and Rs 305.80 apiece on the BSE and NSE, respectively, marking the 10th consecutive day of declines, with prices dropping more than 46% over this period.

The divestment, amounting to 9 lakh shares, is intended to unlock liquidity for equity infusion aimed at bolstering the company's balance sheet, according to a regulatory filing. Promoters plan to reinvest the proceeds, maintaining a 59.70% stake post-sale.