Shares of Gensol Engineering Ltd fell 3.32% to ₹311.20 in today’s trading session amid negative sentiment surrounding the stock. The renewable energy company is in focus ahead of its March 13 board meeting, where it will consider a stock split and various fundraising options, including equity issuance and foreign currency convertible bonds (FCCBs).
Key Developments Impacting Gensol Engineering
- Stock down 40% in a week following credit downgrades from ICRA and CARE Ratings.
- Board meeting on March 13 to discuss a stock split and fundraising measures.
- Promoters sold 2.37% stake (9 lakh shares) to unlock liquidity for reinvestment into the business.
- CARE and ICRA downgraded the company’s credit ratings, citing delays in servicing term loan obligations.
Stock Performance & Market Cap
- Previous close: ₹321.90
- Day’s range: ₹308.00 – ₹321.90
- Market cap: ₹1,181 crore
- 52-week high: ₹1,124.90
- 52-week low: ₹307.25
The recent selloff in Gensol Engineering’s stock reflects investor concerns over the company’s financial stability, credit rating downgrades, and uncertainties surrounding the fundraising plans. Market participants will closely watch the board’s decision on March 13 for further clarity on the company’s strategic direction.
TOPICS:
Gensol Engineering