Gensol Engineering Share Price: Stock Falls 5% After SEBI Market Ban

Shares of Gensol Engineering plunged nearly 5% for the second consecutive session following a damning interim order by the Securities and Exchange Board of India ( SEBI ). 

The capital markets regulator has barred the company and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the securities market until further notice.

Gensol Engineering Share Price Today 
On April 17, the stock opened, hit a high, low, and was last trading at ₹117.50, down 4.97% at 3:00 pm.This follows a 5% drop on April 16, triggered by news of the promoters stepping down in compliance with SEBI’s order.

Promoters Resign Amid Serious Allegations
In a regulatory filing on April 16, Gensol confirmed that Anmol and Puneet Singh Jaggi have resigned from their directorial roles, stating:
“In compliance with SEBI’s directions in the interim order, Anmol Singh Jaggi and Puneet Singh Jaggi (promoters of the company) have been restrained from holding the position of a director or a key managerial personnel in Gensol, until further orders. They are no longer participating in the management of the company.”

SEBI Alleges Rs 262 Cr Fund Diversion
At the heart of SEBI’s interim order is an alleged diversion of funds amounting to Rs 262.13 crore. Gensol had secured Rs 977.75 crore in term loans from IREDA and PFC, of which Rs 663.89 crore was designated for the purchase of 6,400 electric vehicles (EVs) for lease to BluSmart, a related party.
 

However, as per the order, the company procured only 4,704 EVs, confirmed by supplier Go-Auto Private Limited, for a total of Rs 567.73 crore—far below the sanctioned amount. With an expected additional 20% equity contribution, the total outlay should have been Rs 829.86 crore, leaving over Rs 262 crore unaccounted.

Luxury Purchases, Family Transfers, and Personal Expenses
SEBI’s forensic audit unearthed multiple instances of financial misappropriation. Funds meant for EVs were diverted to unrelated expenditures, including luxury purchases and personal transactions by the promoters.

Among the major findings:
Rs 42.94 crore was allegedly routed via Capbridge Ventures (owned by Anmol) to finance a high-end apartment in DLF Camellias, Gurgaon
Rs 50 lakh was invested in Ashneer Grover’s startup, Third Unicorn
Rs 26 lakh was spent on a luxury golf set, and Rs 3 lakh was used on MakeMyTrip bookings

Read More 
BluSmart Gensol Scam: Misappropriation Of EV Funds, Diversion To Jaggi Brothers And Ashneer Grover Connect

Family Transactions Raise Eyebrows
The regulator also uncovered a trail of fund transfers to family members:
Anmol Singh Jaggi allegedly transferred Rs 6.20 crore to his mother Jasminder Kaur and Rs 2.98 crore to his wife Mugdha Kaur Jaggi
Puneet Singh Jaggi allegedly diverted Rs 1.13 crore to his wife Shalmali Kaur Jaggi and Rs 87.52 lakh to his mother, along with funds spent on credit card bills

Gensol Share Price History 
Gensol Engineering’s recent troubles have only exacerbated its stock market woes. Here's how the stock has performed over various timeframes:
In the past five years, the company’s share price witnessed a remarkable gain of 453.72%. However, this upward trend did not sustain in the shorter term. Over the last three years, the stock declined by 9.98%, followed by a sharper drop of 70.26% in the past two years. The downward trend continued, with the stock losing 87.24% of its value over the last one year. 

In the past six months alone, it declined by 85.85%, with a further drop of 84.65% in just the last three months. The downward momentum remained persistent over the past month with a 52.74% decline, and in the last week, the stock slipped further by 16.19%.