Share value of Gensol Engineering Ltd. has been on the rebound after the Jaggi brothers introduced their exit from the corporate on Monday.
Anmol Singh Jaggi and Puneet Singh Jaggi, the founders of the corporate, have stepped down from key managerial positions, in accordance with an change submitting. Anmol Jaggi resigned because the managing director of the corporate, whereas Puneet Jaggi has resigned because the whole-time director, as per the submitting.
Consequently, they shall additionally stop to be members of the assorted committee of the corporate, added the submitting.
Share value of the corporate, which fell over 60% within the final month, rose sharply in commerce on Tuesday to hit the 5% higher circuit.
This growth comes within the wake of the directive issued by the Securities and Change Board of India final month, which the brothers acknowledged as the explanation behind stepping down.
In its interim order issued on April 15, SEBI barred each of them from accessing the securities market and restrained them from holding any key managerial place in Gensol. The market regulator, citing its investigation, claimed that the corporate’s funds have been diverted to purchase luxurious property and pay for private bills of promoters.
The investigation majorly revolves round Rs 975 crore in loans raised by Gensol to buy 6,400 electrical autos , of which solely 4,704 EVs have been truly procured for Rs 567.73 crore. This left over Rs 200 crore unaccounted.
Gensol Engineering Share Worth At this time
The scrip rose as a lot as 5% to be caught within the higher circuit at Rs 56.64 apiece, the best degree since March 24, 2025. This compares to a 0.67% decline within the NSE Nifty 50 index. The inventory has fallen over 60% up to now month. The relative power index was at 8.62.
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