Gensol Engineering Stock Plummets Amid Governance Crisis

Gensol Engineering's shares suffered a 5% drop amidst accusations of financial misconduct involving its top executives, Anmol and Puneet Singh Jaggi. The stock reached a 52-week low following a ban by SEBI and ongoing investigations into alleged misuse of funds and corporate governance lapses.

Shares of Gensol Engineering plunged further on Thursday, recording a 5 percent drop as the company navigates through a challenging crisis. The freefall comes amid SEBI's decision to bar Anmol and Puneet Singh Jaggi from market activities, citing financial misconduct concerns.

The allegations revolve around the misappropriation of loan funds intended for Gensol's operational needs, prompting SEBI to intervene. The stock hit its permissible trading limit on both BSE and NSE, reaching its 52-week low, a stark contrast to its peak earlier this year.

In response, Gensol put its proposed 1:10 stock split on hold, amidst further review by India's Corporate Affairs Ministry. The unfolding events are poised to impact the solar consulting and engineering firm's market standing.

(With inputs from agencies.)