Gensol Engineering shares in focus today post Sebi ban, check details
Gensol Engineering shares ended 2.29% lower at Rs 130.15 on BSE. Market cap of the firm fell to Rs 494.60 crore.
- Apr 16, 2025,
- Updated Apr 16, 2025 9:02 AM IST
Shares of Gensol Engineering are in focus today after Securities and Exchange Board of India (SEBI) issued an interim order on Tuesday, preventing the firm and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from participating in the securities markets until further notice. This decision comes amid allegations of fund diversion and issues related to corporate governance.
In the previous session, Gensol Engineering shares ended 2.29% lower at Rs 130.15 on BSE. Market cap of the firm fell to Rs 494.60 crore. The stock also hit its 52 week low of Rs 126.55 on Tuesday.
Total 6.13 lakh shares changed hands amounting to a turnover of Rs 7.88 crore on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 10.7, signaling it is extremely oversold on charts. Gensol Engineering shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Gensol Engineering stock has lost 86% in one year and 50% in a month. The stock has a one-year beta of 0.6, indicating very low volatility during the period.
On March 4, credit ratings agency CARE Ratings downgraded the company’s long-term and short-term bank facilities due to delays in servicing its term loan obligations. The stock has fallen 66% since then.
A day later, the stock received another jolt when ICRA downgraded the credits rating of the firm. Since then, the stock has hit lower circuits in a majority of the trading sessions.
In addition to the market ban, SEBI has barred both Anmol and Puneet Singh Jaggi from holding positions as directors or key management personnel at Gensol during this period. The regulator has also called for the suspension of the company’s previously announced stock split.
The order follows a complaint lodged with SEBI in June 2024, which raised concerns about the manipulation of GEL’s share price and the misappropriation of company funds. As a result, SEBI has initiated an extensive investigation into the allegations.
In the 29-page interim order, SEBI noted, “The prima facie findings have indicated that the promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, misused and diverted the company’s funds in a fraudulent manner, benefiting directly from these actions.”
The investigation is still ongoing, and the current restrictions will remain until SEBI issues a final ruling. The parties involved—GEL, Anmol, and Puneet Singh Jaggi—are accused of violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. Reports suggest that the promoters managed the publicly listed company as if it were their own sole proprietorship, transferring company funds to affiliated entities and using them for personal expenses.
Due to recent developments, Gensol may eventually have to write off certain diversions in its financial records, which could lead to significant losses for its investors. On Tuesday, shares of Gensol Engineering Ltd fell by 5%, reaching a new 52-week low of ?130.15, before finishing 2.29% lower at the same price. So far in 2025, the stock has plummeted by 83.16%, highlighting growing concerns among investors regarding the company's financial and operational stability.
In light of the ongoing sell-off, both BSE and NSE have placed Gensol under the Enhanced Surveillance Measure (ESM) framework. This measure is applicable to mainboard-listed companies with market capitalizations below ?1,000 crore, aiming to protect investors and ensure market integrity.
Compounding its troubles, Gensol has recently scrapped a proposed asset deal for transferring 2,997 electric vehicles (EVs) to Refex Green Mobility Ltd (RGML). These vehicles are currently operating on the BluSmart platform, managed by Gensol’s parent company.
The company’s financial difficulties have been exacerbated by recent credit rating downgrades. ICRA has downgraded loan facilities amounting to ?2,050 crore, while CARE Ratings has assigned a ‘CARE D’ rating to bank facilities of ?716 crore, indicating a risk of default.
To provide some context, a ‘D’ rating signifies that the company is either currently in default or is likely to default on its financial obligations, further heightening investor concerns regarding Gensol's creditworthiness.
Shares of Gensol Engineering are in focus today after Securities and Exchange Board of India (SEBI) issued an interim order on Tuesday, preventing the firm and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from participating in the securities markets until further notice. This decision comes amid allegations of fund diversion and issues related to corporate governance.
In the previous session, Gensol Engineering shares ended 2.29% lower at Rs 130.15 on BSE. Market cap of the firm fell to Rs 494.60 crore. The stock also hit its 52 week low of Rs 126.55 on Tuesday.
Total 6.13 lakh shares changed hands amounting to a turnover of Rs 7.88 crore on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 10.7, signaling it is extremely oversold on charts. Gensol Engineering shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Gensol Engineering stock has lost 86% in one year and 50% in a month. The stock has a one-year beta of 0.6, indicating very low volatility during the period.
On March 4, credit ratings agency CARE Ratings downgraded the company’s long-term and short-term bank facilities due to delays in servicing its term loan obligations. The stock has fallen 66% since then.
A day later, the stock received another jolt when ICRA downgraded the credits rating of the firm. Since then, the stock has hit lower circuits in a majority of the trading sessions.
In addition to the market ban, SEBI has barred both Anmol and Puneet Singh Jaggi from holding positions as directors or key management personnel at Gensol during this period. The regulator has also called for the suspension of the company’s previously announced stock split.
The order follows a complaint lodged with SEBI in June 2024, which raised concerns about the manipulation of GEL’s share price and the misappropriation of company funds. As a result, SEBI has initiated an extensive investigation into the allegations.
In the 29-page interim order, SEBI noted, “The prima facie findings have indicated that the promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, misused and diverted the company’s funds in a fraudulent manner, benefiting directly from these actions.”
The investigation is still ongoing, and the current restrictions will remain until SEBI issues a final ruling. The parties involved—GEL, Anmol, and Puneet Singh Jaggi—are accused of violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. Reports suggest that the promoters managed the publicly listed company as if it were their own sole proprietorship, transferring company funds to affiliated entities and using them for personal expenses.
Due to recent developments, Gensol may eventually have to write off certain diversions in its financial records, which could lead to significant losses for its investors. On Tuesday, shares of Gensol Engineering Ltd fell by 5%, reaching a new 52-week low of ?130.15, before finishing 2.29% lower at the same price. So far in 2025, the stock has plummeted by 83.16%, highlighting growing concerns among investors regarding the company's financial and operational stability.
In light of the ongoing sell-off, both BSE and NSE have placed Gensol under the Enhanced Surveillance Measure (ESM) framework. This measure is applicable to mainboard-listed companies with market capitalizations below ?1,000 crore, aiming to protect investors and ensure market integrity.
Compounding its troubles, Gensol has recently scrapped a proposed asset deal for transferring 2,997 electric vehicles (EVs) to Refex Green Mobility Ltd (RGML). These vehicles are currently operating on the BluSmart platform, managed by Gensol’s parent company.
The company’s financial difficulties have been exacerbated by recent credit rating downgrades. ICRA has downgraded loan facilities amounting to ?2,050 crore, while CARE Ratings has assigned a ‘CARE D’ rating to bank facilities of ?716 crore, indicating a risk of default.
To provide some context, a ‘D’ rating signifies that the company is either currently in default or is likely to default on its financial obligations, further heightening investor concerns regarding Gensol's creditworthiness.