Gensol Engineering Shares Slip Over 17% In One Month Even After Multiple Project Wins

Shares of Gensol Engineering Ltd. slipped over 6% on Monday after having tumbled over 17% in the last one month, even after winning multiple projects.

The stock continue to fall despite the company having emerged as the lowest bidder for Gujarat Urjan Vikas Nigam's 70 MW/140 MWh battery energy storage project that is worth Rs 450 crore in revenue.

Shares began to fall from Feb. 21 and have since fallen 17.77% despite multiple order wins. The company also received the ARAI certification to launch its first flagship electric vehicle last month.

The company has clarified through an exchange filing on March 6 that the increase in volume of the shares is market driven and they have made all the necessary disclosures.

Shares of the company fell as much as 6.69% to Rs 945 apiece, the lowest level since March 5. It was trading 6.20% lower at Rs 949.95 apiece as of 10:43 a.m. This compares to a 0.23% decline in the NSE Nifty 50 Index.

It has risen 109.93% since its listing on Jul. 3, 2023. Total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 37.34.