From Rs 1,125 To Rs 96, Gensol Shares Lost 91% Value In 10 Months; Co-promoter detained

Shares of Gensol Engineering Ltd are successful attraction connected Friday greeting aft its co-promoter Puneet Singh Jaggi was reportedly detained nether nan provisions of nan Foreign Exchange Management Act (FEMA) for alleged financial misconduct and diversion of funds. Puneet Jaggi was detained by nan ED from a Delhi edifice while Anmol Jaggi is believed to beryllium successful Dubai, arsenic per PTI. 

The Gensol Engineering banal has been battered badly, having mislaid 91.49 per cent of its marketplace worth successful nan past 10 months -- from Rs 1,125.75 connected June 24, 2024, to Rs 95.80 connected Thursday. The scrip has recorded antagonistic closings for 11 consecutive days now.   

This comes aft nan marketplace regulator SEBI had barred Gensol's promoters-brothers Anmol and Puneet Jaggi-from accessing banal markets and ordered a forensic probe into their listed renewable power firm. Sebi besides decided to put connected clasp nan banal divided (1:10) workout announced by nan institution past month.

SEBI alleged Gensol's promoters diverted hundreds of crores raised for electrical conveyance (EV) procurement into individual indulgences specified arsenic luxury existent property and questionable transactions pinch related entities.

Recently, reports emerged that nan Gensol promoters would beryllium summoned by nan ED successful relationship pinch nan Mahadev Book app investigation, though nan institution denied specified “factually incorrect, speculative, and misleading” reports connected April 23. 

The ED precocious confiscated Zenith Multi Trading DMCC's liking successful Gensol Engineering, linked to Hari Shankar Tibrewal, a cardinal accused successful nan Mahadev Betting App money laundering case. Gensol said connected April 23 said that nan institution aliases board including Anmol and Puneet Singh Jaggi had not received immoderate connection aliases announcement from ED pinch respect to quality regarding Mahadev book app lawsuit pursuant to caller probe done by ED connected 16.04.2025.

It said erstwhile nan shares of Zenith Multi Trading DMCC were attached by ED, nan explanation successful that respect was promptly disclosed by nan institution connected BSE and NSE connected April 13. 

"In lawsuit location is immoderate improvement requiring disclosure nether nan SEBI (LODR) Regulations, 2015, nan aforesaid will beryllium promptly communicated to nan Exchanges. We categorically authorities that nan news point is factually incorrect, speculative, and misleading. We reiterate that nan promoters of Gensol Engineering Limited person nary relation pinch nan Mahadev Book app lawsuit aliases nan alleged financial transactions cited therein," Gensol said connected April 23. 

Published on: Apr 25, 2025 8:47 AM IST