Gensol Shares Locked in 5% Lower Circuit: Issues Clarification on Summons by ED

On Thursday, April 24, 2025, Gensol share price continued its falling streak with a drop of another 5% and hit the lower circuit limit once again, as the company remains in a deepening financial controversy.

Last Tuesday, market regulator SEBI issued an interim order barring brothers Anmol Singh Jaggi and Puneet Singh Jaggi—key figures in the company—from accessing the securities markets until further notice. The move follows serious allegations that the duo diverted company loan funds for personal use, raising red flags around financial misconduct and poor corporate governance.

In response to the unfolding situation, SEBI has also instructed the company to halt its proposed 1:10 stock split. Meanwhile, the Ministry of Corporate Affairs announced on Monday that it would review SEBI’s findings before deciding on further action against the firm.

Gensol Clarification on Media Reports

On April 23, 2025, Gensol Engineering, through an exchange filing, clarified about news item alleging that the promoters of Gensol Engineering Limited, Mr. Anmol Singh Jaggi and Mr. Puneet Singh Jaggi, are likely to be summoned by the Enforcement Directorate (ED) in connection with the Mahadev Book app case. The company stated that the Company/ any of its KMPs or directors, including Mr. Anmol Singh Jaggi and Mr. Puneet Singh Jaggi, has not received any communication or notice from ED with respect to an appearance regarding the Mahadev book app case.

Gensol in an exchange filing said, “In this regard, please note that the Company/ any of its KMPs or directors including Mr. Anmol Singh Jaggi and Mr. Puneet Singh Jaggi, has not received any communication or notice from ED with respect to appearance regarding Mahadev book app case pursuant to fresh probe done by ED on 16.04.2025”

Gensol Share Price Performance

On the BSE, Gensol shares slipped 4.96% to ₹95.80, marking both the daily lower trading limit and a fresh 52-week low. The slide was similar on the NSE, where the stock also hit a 52-week low of ₹94.91 after a 5% drop. From its peak of ₹1,125.75 within the past year, the stock has now plummeted nearly 91.5%. Thursday marked the 11th consecutive session of losses for the embattled company.

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

Conclusion

Gensol share price has been on falling streak for 11th consecutive session after the market regulator SEBI barred company and its promoters from the market.

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