Share price of Gensol Engineering Ltd. has been on the rebound after the Jaggi brothers announced their exit from the company on Monday.
Anmol Singh Jaggi and Puneet Singh Jaggi, the founders of the company, have stepped down from key managerial positions, according to an exchange filing. Anmol Jaggi resigned as the managing director of the company, whereas Puneet Jaggi has resigned as the whole-time director, as per the filing.
Consequently, they shall also cease to be members of the various committee of the company, added the filing.
Share price of the company, which fell over 60% in the last month, rose sharply in trade on Tuesday to hit the 5% upper circuit.
This development comes in the wake of the directive issued by the Securities and Exchange Board of India last month, which the brothers stated as the reason behind stepping down.
In its interim order issued on April 15, SEBI barred both of them from accessing the securities market and restrained them from holding any key managerial position in Gensol. The market regulator, citing its investigation, claimed that the company's funds were diverted to buy luxury property and pay for personal expenses of promoters.
The investigation majorly revolves around Rs 975 crore in loans raised by Gensol to purchase 6,400 electric vehicles , of which only 4,704 EVs were actually procured for Rs 567.73 crore. This left over Rs 200 crore unaccounted.
Gensol Engineering Share Price Today
The scrip rose as much as 5% to be stuck in the upper circuit at Rs 56.64 apiece, the highest level since March 24, 2025. This compares to a 0.67% decline in the NSE Nifty 50 index. The stock has fallen over 60% in the past month. The relative strength index was at 8.62.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
