Shares of Gensol Engineering Limited fell by 5.01% today to ₹81.36, continuing their downward trend for the 14th consecutive trading session. The stock hit the lower circuit once again amid ongoing regulatory developments.
The company disclosed that the Directorate of Enforcement (ED) conducted search and seizure operations at its premises in Ahmedabad and Gurgaon under the provisions of the Foreign Exchange Management Act (FEMA), 1999. During the operation, the ED seized documents, electronic devices, and financial records.
Additionally, orders under Section 37 of FEMA, 1999, read with Section 132(3) of the Income Tax Act, 1961, were issued to Axis Bank, HDFC Bank, and ICICI Bank. Gensol Engineering received the official seizure memo on April 27, 2025.
In a regulatory filing, the company stated that the quantifiable financial impact of the enforcement action could not be determined at this stage. It also informed exchanges that appropriate legal measures are being considered in response to the development.
As of the latest update, Gensol’s market capitalization stood at ₹347 crore, with a 12-month trailing revenue of ₹1,452 crore.
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