Gensol Engineering

Gensol Engineering Ltd. and its subsidiary Gensol EV Lease Ltd. have entered insolvency proceedings after the National Company Law Tribunal (NCLT) admitted petitions filed by the Indian Renewable Energy Development Agency Ltd. (IREDA). The development marks a pivotal moment for the renewable energy sector, reflecting the growing scrutiny on the financial health of green technology ventures.

Shares of Gensol Engineering plunged to fresh 52-week lows on May 13, marking a 95% drop from their peak, after the company’s promoters—Anmol Singh Jaggi and Puneet Singh Jaggi—resigned in the wake of a regulatory crackdown. The resignations followed an interim order by the Securities and Exchange Board of India (SEBI) barring the duo and the firm from participating in securities markets due to alleged fund diversion and corporate governance lapses.

Shares of Gensol Engineering Ltd. continued their downward spiral on Monday, hitting the lower circuit limit and a 52-week low, as the company grapples with a financial and regulatory crisis. The stock has now fallen for 13 consecutive trading sessions, marking a 47% drop over this period. At its peak, the stock traded at Rs 1,125.75, but it has since lost a staggering 92.31% of its value. The company faces scrutiny from the Securities and Exchange Board of India (SEBI) regarding allegations of fund diversion and share price manipulation, with the promoters also facing a market ban.