- By Aditya Pratap Singh
- Thu, 17 Apr 2025 10:08 AM (IST)
- Source:JND
Gensol Share Price Today: The shares of Gensol Engineering opened 5% lower on Thursday, hitting a lower circuit and a new 52-week low for the second consecutive day after Anmol Singh Jaggi and Punit Singh Jaggi, promoter-directors of the Ahmedabad-based solar company, resigned from their posts following SEBI's interim order. SEBI accused them of financial irregularities and banned them from the stock market.
The green energy sector stock opened at Rs 116.54 on the NSE, tanking 5% against the previous day's closing price of Rs 122.68 per share. The scrip has been hitting lower circuit over lower circuit for the past few months amid financial irregularities against the promoters. On Wednesday, Gensol Engineering Shares closed at Rs 122.68, tanking 5% against the previous session's closing price of Rs 129.14 per share on NSE.
In the past 5 session's the Gensol share price tanked over 16%, in a month it fell over 50%, and in the last 6 months the scrip corrected over 85%.
The company, in a regulatory filing, said that as per SEBI's order, Anmol and Punit Jaggi will no longer hold director or managerial positions in Gensol, and they have stepped down from the management of the company with immediate effect.
Bluesmart cab service was also affected.
According to ET, Anmol Jagi is in double trouble. The ride-hailing platform he co-founded, Bluesmart, has also started shutting down its operations. On Wednesday, many users complained that they were unable to book a cab on the app. Bluesmart had recently tried to raise $50 million (about Rs 415 crore), but the deal fell through due to disputes related to Gensol.
SEBI appoints anauditors
Sebi will now appoint a forensic auditor to examine the financial records of Gensol and its affiliated companies. The probe will determine whether the company's funds were misused. Sebi has also put on hold plans to split the company's shares.
Jagi brothers spent money on expensive flats and gifts
The markets regulator, in its interim order, has ordered Anmol Singh Jagi to pay Rs 100 crore from the loan proceeds of his company in Gurugram. It is said that he bought expensive apartments worth Rs 42.94 crore. This flat is located in a posh community called 'The Camellias'.
It is alleged that Jagi sent the amount from Gensol to Capbridge Ventures through Go-Auto Private Limited. He also bought an expensive apartment in Gurugram using that money. As per SEBI's report, he spent Rs 10.36 lakh on spa treatments from the investors' money. Jaggi also bought golf gear worth Rs 26 lakh.
The allegation also said that Jagi spent Rs 3 lakh on a private trip through MakeMyTrip, 1.86 crore in UAE dirhams, 17.28 lakh on expensive watches and jewellery, 9.95 lakh was spent on paying ICICI Bank credit card bills and he transferred Rs. 2.98 crore to the account of his wife, Mugdha Kaur Jagi and Rs. 6.20 crore to the account of his mother, Jasminder Kaur.