Gensol Share Price Hits Upper Circuit After Jaggi Brothers Exit
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.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
