Gensol Shares Slide to 52-Week Low After SEBI Flags Inactivity at EV Plant

Gensol Engineering share price traded at ₹111.65 at 9:50 AM on the BSE, down ₹5.85 or 4.98% from its previous close of ₹117.50. The stock opened at ₹111.65 and has shown no movement since, with the day’s high, low, and VWAP all at the same level. Notably, the current price also marks a new 52-week low, a sharp fall from its 52-week high of ₹1,125.75.

SEBI Flags Inactivity at Gensol’s EV Plant

The regulatory body noted that no manufacturing activity was observed at Gensol’s electric vehicle (EV) plant in Pune during a recent inspection, sparking doubts about the company’s EV business operations.

These findings were included in SEBI’s interim order dated April 15, which followed a complaint filed in June 2024. The complaint alleged share price manipulation and misuse of funds by Gensol Engineering.

In its order, the markets regulator identified irregularities and misleading disclosures made to investors by the company, which is promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi, as per news reports.

Utility Records Suggest Lack of Manufacturing

Further investigation into utility records showed that the highest electricity bill issued by Maharashtra State Electricity Distribution Company (Mahavitaran) over the past 12 months amounted to only ₹1,57,037 in December 2024—a figure considered unusually low for an operational manufacturing unit.

Given these findings, SEBI concluded that no actual production activity had taken place at the leased premises.

SEBI Flags Non-Binding MoUs for EV Sales

This inspection was prompted by a Gensol announcement dated January 28, 2025, in which the company claimed it had received pre-orders for 30,000 units of its newly launched EVs, showcased at the Bharat Mobility Global Expo 2025.

However, SEBI’s review of the company’s supporting documents revealed that these so-called pre-orders were in fact non-binding Memorandums of Understanding (MoUs) signed with nine entities for a total of 29,000 cars—raising doubts about the authenticity and commercial viability of the orders, as per news reports.

Read More: Gensol Engineering Shares Hit 5% Lower Circuit; Anmol Singh Jaggi Resigns Amid SEBI Probe.

Conclusion

The recent SEBI observations have cast serious doubts over Gensol Engineering’s electric vehicle venture, leading to a steep decline in investor confidence. The lack of manufacturing activity, minimal utility usage, and questionable pre-order claims raise significant concerns about the transparency and operational readiness of the company’s EV business.

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