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Gensol Shares Plunge After Fund Misuse Allegations

17 Apr, 2025

Gensol Engineering Ltd's shares dropped sharply by 5%, reaching a yearly low, after SEBI accused its promoters of misusing company funds. The stock fell to ₹123.65 on the Bombay Stock Exchange, matching its 52-week low. SEBI's investigation revealed that Gensol had raised ₹975 crore for electric vehicle purchases but diverted funds for personal expenses, including a luxury apartment in Gurugram. Promoter brothers Anmol and Puneet Singh Jaggi have been barred from company directorships, and a forensic audit has been initiated. Credit rating agency ICRA also downgraded Gensol's rating due to concerns over its governance and liquidity.

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