Beleaguered EPC player Gensol Engineering Ltd.’s shares hit the lower circuit for the 17th session in a row on Monday, May 5, as investors continued to offload their holdings in the controversy-laden firm.
At 2.20 pm, Gensol Engineering's shares were trading at Rs 69.74. The firm has been on this downward streak since SEBI took action against the firm over inconsistencies with management.
Gensol’s share price tanked by 57 percent in the previous 17 sessions. The firm’s free-float market-capitalization has sunk from Rs 4,200 crore to Rs 94 crore, down 98 percent, as its shares tumbled from a 52-week high of Rs 1,124 to Rs 69.74, hitting a fresh low every session.
As per a regulatory filing made by Gensol, the Directorate of Enforcement (ED) is intensifying its investigation into solar and electric vehicle companies. On April 29, 2025, the ED carried out a raid at Gensol's Ahmedabad and Gurugram offices.
Gensol Engineering has come under extreme scrutiny after concerns were raised by the capital markets regulator, SEBI, earlier this year. On April 15, SEBI took multiple actions against the company, alleging that the owners, Anmol and Puneet Jaggi may have diverted funds raised for business purposes towards personal expenditures.
SEBI has imposed a ban on the duo in the capital markets, preventing them from holding positions in listed companies. BluSmart, which is co-founded by Anmol Singh Jaggi, who was also the Managing Director of Gensol Engineering, has also come under the radar following Gensol’s turmoil.
The markets regulator received a complaint, regarding the manipulation of share price and diversion of funds from Gensol Engineering in June 2024 and thereafter, began investigating the matter.
Gensol Engineering specializes in offering solar consulting services, engineering, procurement and construction (EPC) services, as well as leasing electric vehicles, among other offerings.
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