Gensol Engineering Share Price Locked In Lower Circuit For Second Day; Stock Hit Fresh Record Lows
SEBI barred Gensol promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, for alleged fund diversion and record falsification.
Gensol Engineering's share price fell another 5% on Thursday, after a 5% drop on Wednesday, following the Securities and Exchange Board of India's decision to bar the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, for alleged fund diversion and record falsification.
The markets regulator has prohibited the Jaggi brothers from holding any key managerial positions within the company, effectively removing them from their leadership roles.
The company on Wednesday announced that, in compliance with SEBI's interim order, its promoters have been barred "from holding the position of a director or a key managerial personnel in Gensol until further orders." It further stated that "effective immediately," the Jaggi brothers are no longer involved in the management of the company as per SEBI's instructions.
As problems continue to mount for Gensol Engineering, the company's Independent Director, Arun Menon, tendered his resignation with immediate effect. Menon will also cease to be a member of various committees within the company.
The market watchdog has also halted Gensol's announced stock split, further impacting investor sentiment. The combination of leadership changes and regulatory actions has contributed to the ongoing decline in Gensol Engineering's share price.
Gensol Engineering Share Price Today
The scrip fell as much as 5% to Rs 116.54 apiece and it continued to trade at the same level as of 09:36 a.m. This compares to a 0.47% decline in the NSE Nifty 50.
It has fallen 87.09% in the last 12 months. Total traded volume so far in the day stood at 0.3 times its 30-day average. The relative strength index was at 9.6.
