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Gensol Engineering 's stock crashed today, hitting a fresh 52-week low of Rs 51.84 on the BSE. But for investors, the fall felt like déjà vu . The stock has been spiralling down for months, and the latest jolt? Both founders are stepping away from executive roles.
This isn't just a routine shuffle. This is the unravelling of a company once hailed as a green energy disruptor.
First, the resignation. Then the reckoning
On May 12, Anmol Singh Jaggi and Puneet Singh Jaggi — the brothers who built Gensol — resigned from their respective executive roles as Chairman and Managing Director. The reason? A stinging SEBI order that barred them from holding key positions over the misuse of company funds.
SEBI's interim order, issued in mid-April, found that nearly Rs 1,000 crore borrowed for EV leasing to BluSmart Mobility was misused. Instead of buying vehicles, funds allegedly went into buying luxury real estate and routing money through obscure entities. The Jaggi brothers were held responsible and told to step aside.
Yesterday, they finally did. But for shareholders, the exit offers little relief.
A quick rewind: What does Gensol Engineering do?
Gensol Engineering began as an EPC player in solar power, executing over 700 MW worth of installations. In recent years, it made headlines for venturing into electric vehicles — even setting up a car factory in Pune, with ambitions of making 12,000 EVs a year.
It was all going well — until the numbers stopped adding up.
A stock in freefall
Here's how much investor wealth has been wiped out:
| Metric | Value |
|---|---|
| 52-week high | Rs 1,126 |
| Current price (May 13) | Rs 51.84 |
| Fall from 52-week high | -95 per cent |
| YTD performance | -93 per cent |
The stock is now stuck in a lower-circuit spiral, with no clear bottom in sight.
What it means for investors
Leadership exits amid regulatory heat rarely inspire confidence. Especially when they come with allegations of fund diversion, shell entities, and shady real estate deals.
Value Research's ratings reflect this too:
-
Quality
: 3/10
-
Valuation
: 7/10
-
Growth
: 5/10
-
Momentum
: 1/10
- Overall rating : ★★ (2 stars)
Gensol's turnaround now hinges on two things: damage control by the new leadership and transparency in how they clean up the books.
The final word
The Jaggi brothers leaving Gensol may have been inevitable, but it leaves behind a bruised company and even more bruised investors. The EV dreams may still be alive, but without its original drivers, Gensol's journey just got a lot more uncertain.
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Disclaimer: This story was created with the assistance of artificial intelligence and is intended for informational purposes only. Please take it with a pinch of salt and do your own research or consult a financial advisor before making investment decisions.
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