From Rs 1,125 to Rs 96, Gensol shares lost 91% value in 10 months; co-promoter detained

From Rs 1,125 to Rs 96, Gensol shares lost 91% value in 10 months; co-promoter detained

The Gensol Engineering stock has been battered badly, having lost 91.49 per cent of its market value in the past 10 months -- from Rs 1,125.75 on June 24, 2024, to Rs 95.80 on Thursday.

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Gensol Engineering shares have recorded negative closings for 11 straight days now. This comes after SEBI barred promoters from accessing stock markets.g share price: The stock slumped 5 per cent to hit a new one-year low of Rs 123.65.Gensol Engineering shares have recorded negative closings for 11 straight days now. This comes after SEBI barred promoters from accessing stock markets.g share price: The stock slumped 5 per cent to hit a new one-year low of Rs 123.65.
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Amit Mudgill
  • Apr 25, 2025,
  • Updated Apr 25, 2025 9:00 AM IST

Shares of Gensol Engineering Ltd are in focus on Friday morning after its co-promoter Puneet Singh Jaggi was reportedly detained under the provisions of the Foreign Exchange Management Act (FEMA) for alleged financial misconduct and diversion of funds. Puneet Jaggi was detained by the ED from a Delhi hotel while Anmol Jaggi is believed to be in Dubai, as per PTI. 

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The Gensol Engineering stock has been battered badly, having lost 91.49 per cent of its market value in the past 10 months -- from Rs 1,125.75 on June 24, 2024, to Rs 95.80 on Thursday. The scrip has recorded negative closings for 11 straight sessions now.   

This comes after the market regulator SEBI barred Gensol's promoters-brothers Anmol and Puneet Jaggi-from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. SEBI also decided to put on hold the stock split (1:10) exercise announced by the company last month.

The market regulator alleged Gensol's promoters diverted hundreds of crores raised for electric vehicle (EV) procurement into personal indulgences such as luxury real estate and questionable transactions with related entities.

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The ED recently confiscated Zenith Multi Trading DMCC's stake in Gensol Engineering, linked to Hari Shankar Tibrewal, a key accused in the Mahadev Betting App money laundering case. Reports emerged that the Gensol promoters would be summoned by the ED in connection with the Mahadev Book app investigation, though the company denied such “factually incorrect, speculative, and misleading” reports on April 23. 

Gensol said on April 23 said that the company or directors including Anmol and Puneet Singh Jaggi had not received any communication or notice from ED with respect to appearance regarding Mahadev book app case pursuant to fresh probe done by ED on 16.04.2025.

It said when the shares of Zenith Multi Trading DMCC were attached by ED, the clarification in that regard was promptly disclosed by the company on BSE and NSE on April 13. 

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"In case there is any development requiring disclosure under the SEBI (LODR) Regulations, 2015, the same will be promptly communicated to the Exchanges. We categorically state that the news item is factually incorrect, speculative, and misleading. We reiterate that the promoters of Gensol Engineering Limited have no association with the Mahadev Book app case or the alleged financial transactions cited therein," Gensol said on April 23. 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Shares of Gensol Engineering Ltd are in focus on Friday morning after its co-promoter Puneet Singh Jaggi was reportedly detained under the provisions of the Foreign Exchange Management Act (FEMA) for alleged financial misconduct and diversion of funds. Puneet Jaggi was detained by the ED from a Delhi hotel while Anmol Jaggi is believed to be in Dubai, as per PTI. 

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Related Articles

The Gensol Engineering stock has been battered badly, having lost 91.49 per cent of its market value in the past 10 months -- from Rs 1,125.75 on June 24, 2024, to Rs 95.80 on Thursday. The scrip has recorded negative closings for 11 straight sessions now.   

This comes after the market regulator SEBI barred Gensol's promoters-brothers Anmol and Puneet Jaggi-from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. SEBI also decided to put on hold the stock split (1:10) exercise announced by the company last month.

The market regulator alleged Gensol's promoters diverted hundreds of crores raised for electric vehicle (EV) procurement into personal indulgences such as luxury real estate and questionable transactions with related entities.

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The ED recently confiscated Zenith Multi Trading DMCC's stake in Gensol Engineering, linked to Hari Shankar Tibrewal, a key accused in the Mahadev Betting App money laundering case. Reports emerged that the Gensol promoters would be summoned by the ED in connection with the Mahadev Book app investigation, though the company denied such “factually incorrect, speculative, and misleading” reports on April 23. 

Gensol said on April 23 said that the company or directors including Anmol and Puneet Singh Jaggi had not received any communication or notice from ED with respect to appearance regarding Mahadev book app case pursuant to fresh probe done by ED on 16.04.2025.

It said when the shares of Zenith Multi Trading DMCC were attached by ED, the clarification in that regard was promptly disclosed by the company on BSE and NSE on April 13. 

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"In case there is any development requiring disclosure under the SEBI (LODR) Regulations, 2015, the same will be promptly communicated to the Exchanges. We categorically state that the news item is factually incorrect, speculative, and misleading. We reiterate that the promoters of Gensol Engineering Limited have no association with the Mahadev Book app case or the alleged financial transactions cited therein," Gensol said on April 23. 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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