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Gensol Engineering shares tumble 30% in two sessions; here's why

Business Today

Business Today · 5m ago

Gensol Engineering shares tumble 30% in two sessions; here's why

Gensol Engineering, a provider of EPC services for solar power plant development, faced a credit rating downgrade by CARE Ratings. This was due to ongoing delays in servicing its term loan obligations, as reported by its lenders. As a result, the company's shares have tumbled over two sessions.

Related News

Muthoot Finance shares slip 14% in two sessions, here's why

Business Today

Business Today · 4m ago

Muthoot Finance shares slip 14% in two sessions, here's why

Muthoot Finance shares dropped 14% over two sessions, hitting an intra-day low of Rs 1964.35, from a previous close of Rs 2140.30 on the BSE. This decline is due to anticipated RBI guidelines for gold loans. The new regulations are expected to affect other gold financing entities like Manappuram Finance and IIFL Finance. RBI Governor Sanjay Malhotra announced forthcoming comprehensive draft guidelines to harmonize regulations for loans secured by gold jewellery.

Gensol shares continue to slide; hit new lower circuit limit

YourStory

YourStory · 3m ago

Gensol shares continue to slide; hit new lower circuit limit

Shares of Gensol Engineering fell 5% after promoters Anmol Singh Jaggi and Puneet Singh Jaggi resigned following SEBI's interim order, which barred them over fund diversion and governance lapses. The stock hit a 52-week low, down 95.39% from its high, continuing to slide for 23 sessions, dropping 68.28%. SEBI also halted Gensol's planned stock split. The Jaggi brothers resigned as directors effective May 12, 2025, amid regulatory scrutiny.

Shilpa Urhekar appointed CEO of Solar EPC at at Gensol Engineering

YourStory

YourStory · 1y ago

Shilpa Urhekar appointed CEO of Solar EPC at at Gensol Engineering

Shilpa Urhekar has been appointed as the CEO of Solar EPC (India) at Gensol Engineering. She will succeed Ali Imran Naqvi, who will oversee the growth of Gensol Engineering Ltd and its subsidiaries. Urhekar previously served as the country head (India) at Sterling and Wilson Renewable Energy Ltd, where she successfully bid and executed 6 GW of renewable energy projects. With over two decades of experience, Urhekar will focus on strengthening Gensol's solar engineering, procurement, and construction business in India's renewable energy landscape. Gensol Engineering specializes in solar power EPC services and electric mobility solutions.

Down 84% in 2025 so far! Gensol Engg shares hit fresh lows post Sebi ban; here's what happened

Business Today

Business Today · 4m ago

Down 84% in 2025 so far! Gensol Engg shares hit fresh lows post Sebi ban; here's what happened

Shares of Gensol Engineering have plunged 84% in 2025 after SEBI imposed a ban on the company and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. The ban comes amid allegations of fund diversion and corporate governance concerns. The restrictions mean they are prohibited from participating in the securities markets, impacting investor confidence and resulting in a fresh low for the company's stock.

NCLT directs insolvency against Gensol, Gensol EV Lease; appoints IRP

Economic Times

Economic Times · 2m ago

NCLT directs insolvency against Gensol, Gensol EV Lease; appoints IRP

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Gensol Engineering and Gensol EV Lease after petitions by the Indian Renewable Energy Development Agency (IREDA). The tribunal found both companies in financial default, with Gensol Engineering owing Rs 510 crore and Gensol EV Lease Rs 218.95 crore. Interim resolution professionals have been appointed, and the companies' boards have been suspended. These proceedings follow earlier regulatory actions against Gensol's promoters for governance issues.

'Mutually decided not to proceed': Gensol shares update on takeover of EV assets by Refex Green

Business Today

Business Today · 5m ago

'Mutually decided not to proceed': Gensol shares update on takeover of EV assets by Refex Green

Gensol Engineering and Refex Green Mobility Ltd (RGML) have mutually decided not to proceed with the takeover of Gensol's 2,997 electric vehicles, which operate on the BluSmart platform, due to evolving commitments and timeline challenges. Gensol shares have plummeted, suffering a 76.16% drop in 2025, after facing multiple credit downgrades by CARE and ICRA. Concerns about corporate governance arose when documents were found falsified, affecting the company’s credit ratings and investor confidence.

SAT allows Gensol to file response to SEBI’s interim order

YourStory

YourStory · 3m ago

SAT allows Gensol to file response to SEBI’s interim order

The Securities Appellate Tribunal (SAT) has permitted Gensol Engineering to respond to the Securities and Exchange Board of India's (SEBI) interim order. SEBI’s investigation revealed misuse and diversion of company funds by Gensol's promoters, Anmol and Puneet Singh Jaggi. The tribunal allowed Gensol two weeks to respond, following which SEBI will decide within four weeks. The firm also faces insolvency proceedings from IREDA over a Rs 510 crore default amid board resignations and compliance issues.

Gensol Engineering Suffers Another Blow As CEO Aga Quits

OutlookIndia

OutlookIndia · 3m ago

Gensol Engineering Suffers Another Blow As CEO Aga Quits

Gensol Engineering is facing significant challenges as its CFO, Jabirmahendi Mohammedraza Aga, resigned after just two months, citing operational dysfunction and lack of support. This follows the resignation of the company's Managing Director and Whole-time Director after SEBI barred them from key positions due to misconduct. The Indian Renewable Energy Development Agency is seeking to recover Rs 510 crore, claiming default on loans to Gensol. SEBI found funds meant for EV procurement were improperly diverted.

Ireda files insolvency plea against Gensol Engineering over Rs 510 crore default

Economic Times

Economic Times · 3m ago

Ireda files insolvency plea against Gensol Engineering over Rs 510 crore default

Indian Renewable Energy Development Agency (Ireda) has initiated insolvency proceedings against Gensol Engineering due to a Rs 510 crore default. The power financier submitted a plea under Section 7 of the Insolvency and Bankruptcy Code, seeking to address the financial discrepancy, as stated in an exchange filing. This legal action highlights the severity of the default and underscores the financial challenges faced by Gensol Engineering.

Who are Anmol and Puneet Singh Jaggi, at the centre of the Gensol crisis?

Economic Times

Economic Times · 4m ago

Who are Anmol and Puneet Singh Jaggi, at the centre of the Gensol crisis?

Anmol and Puneet Singh Jaggi, promoters of BluSmart, are accused by India's Securities and Exchange Board of diverting funds from their solar company, Gensol Engineering, and manipulating stock prices. Initially celebrated in the renewable energy sector, the Jaggi brothers now face severe allegations of financial misconduct. Anmol founded Gensol and BluSmart, while Puneet co-founded Gensol and Prescinto Technologies, and founded Param Renewable Energy, indicating their significant involvement in energy startups.

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