Gensol Engineering Ltd.'s share price hit the lower circuit for the fourth consecutive session in a row on Thursday. The stock has been steadily declining since Feb. 24 on concerns over the company's debt repayment ability.
Recently, promoters of Gensol Engineering sold 2.37% stakes to infuse liquidity, to reinforce the financial foundation of the company. The sale happened in the backdrop of rating agencies like ICRA and Care Ratings downgrading Gensol Engineering's debt to default status.
Promoters injected Rs 28 crore via conversion of warrants into equity. The warrants were converted into 4.43 lakh equity shares at a price of Rs 871 per share.
The company has over Rs 1,640 crore in long term and over Rs 400 crore in short term debt facilities.
Gensol Engineering Share Price
Gensol Engineering's share price hit 5% lower circuit and fell to Rs 262.15 apiece, which is the lowest level since its listing on July 3, 2023. It was locked in the lower circuit as of 10:09 a.m., as compared to a 0.29% advance in the NSE Nifty 50.
On year-to-date basis, Gensol Engineering declined 65.42%. Total traded volume so far in the day stood at 5.5 times its 30-day average. The relative strength index was at 13, which implied the stock was oversold.
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