Gensol Engineering's Stocks Ripple As Promoters Resign

Shares of Gensol Engineering rose by 5% after key promoters Anmol Singh Jaggi and Puneet Singh Jaggi resigned following a Sebi order. The stock reached its upper circuit limit after previously hitting a 52-week low. Sebi's interim order prohibits the firm from market participation due to governance issues.

Shares of Gensol Engineering witnessed a significant rise of 5% on Tuesday, reaching an upper circuit limit after key company promoters Anmol Singh Jaggi and Puneet Singh Jaggi submitted their resignations.

The stock closed at Rs 57.28 on the BSE, reflecting a 4.99% surge, despite having earlier hit a 52-week low of Rs 51.84 due to previous declines. Over at the NSE, shares settled at Rs 56.64 after recovering from a morning tumble that saw a similar low.

Following a Securities and Exchange Board of India (Sebi) interim order on fund diversion and governance lapses, the Jaggis exited from their roles effective May 12. The order also led to a suspension of the stock split announcement by Gensol Engineering Ltd.

(With inputs from agencies.)