Why Did SEBI Crack Down on Gensol, and What Does It Mean for MS Dhoni?

Former cricketer MS Dhoni ’s investment venture has taken a hit once again, this time in Gensol Engineering Ltd. The Securities and Exchange Board of India ( SEBI ) on April 15 barred the company’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding top positions or accessing the securities market. 

The decision was taken after a probe uncovered financial mismanagement of almost Rs 978 crore of government-guaranteed electric vehicle (EV) loans, which were supposedly used for unrelated personal expenditure.

Gensol: Share Price Today

Gensol's share price crashed more than 75%, from a high of Rs 1,126 to as low as Rs 122 per share. The SEBI crackdown also led to the scrapping of a planned stock split. Independent Director Arun Menon has quit amidst the chaos.

As of April 17, 2025, at 11:11 AM IST, the share price of Gensol Engineering is Rs 117.50 on the BSE, down by 4.97% from the previous closing price of Rs 123.65.
 

ALSO READ: Why Are BluSmart Cabs Suddenly Off the Roads? Who To Blame Now

BluSmart Investment: Dhoni Family Office’s

Dhoni’s family office had invested in Gensol’s Rs 420 crore Series B funding round its highest-ever valuation. This is not the first time the cricketer's ventures have faced trouble. Previously, he was involved with the crisis-hit Amrapali Group, which ended in legal complications. The Gensol episode marks yet another cautionary tale about high-risk equity bets in fast-growing startups.

“Investing in BluSmart’s sustainable business model is not just about supporting a company; it's about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart's pioneering efforts in reshaping urban transportation," Dhoni said, according to the statement during the investment period.

BluSmart in Trouble

The money scandal has directly affected BluSmart, the EV ride-hailing firm co-founded by the Jaggi brothers. Active in Delhi NCR, Bengaluru, and Dubai recently, BluSmart is said to be finding it difficult to keep operations running. The firm could shift now into becoming an EV fleet provider to platforms such as Uber.

What's Next

Gensol denied any wrongdoing but committed to supporting the ongoing forensic audit. With the regulatory fire intensifying and investor confidence dwindling, both BluSmart and Gensol have an uncertain future ahead of them.