Shares of Gensol Engineering Ltd continued their freefall on Tuesday, May 13, hitting another 5% lower circuit at ₹51.25 in early trade. The stock has now plunged over 93% year-to-date, down from ₹772 in January to ₹51 today — wiping out nearly ₹5,000 crore in market capitalisation.
This relentless decline follows a damning SEBI order that exposed alleged fund misappropriation by the company’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. The duo has been accused of siphoning off approximately ₹262 crore out of the ₹978 crore in loans received from Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC), meant for purchasing 6,400 electric vehicles for Gensol’s EV leasing venture, BluSmart. However, only 4,704 EVs were reportedly acquired.
SEBI’s interim directive barred the Jaggi brothers from accessing capital markets and holding any board-level positions in listed entities. On Monday, the company confirmed that both Anmol and Puneet Jaggi have resigned from their directorial roles and will no longer serve on any board committees.
The fallout has been swift. BluSmart’s operations have reportedly come to a halt, and the leadership vacuum at the end of March raised further alarms — with the CEO, CBO, CTO, and VP of Experience resigning amid what was officially called a “corporate restructuring.”
The scandal has not only eroded investor trust but also triggered a daily lower circuit for Gensol’s shares over the past few weeks. The stock is now trading at its 52-week low of ₹51.25, compared to its 52-week high of ₹1,124.90.
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