Gensol Engineering shares hit new 52-week low amid reports of ED action against Jaggi brothers; BSE seeks clarification

Stock market today: Gensol Engineering shares, which are in a freefall since the past couple of months, hit fresh 52-week low on Tuesday, April 22, following fresh reports that after the market regulator Securities and Exchange Board of India (SEBI), Directorate of Enforcement (ED) is likely to take action against the promoters – Anmol Singh Jaggi and Puneet Singh Jaggi.

According to a report in the business daily The Economic Times, ED is likely to summon the promoters of Gensol Engineering, brothers Anmol and Puneet Singh Jaggi, in the Mahadev Book application case.

The report added that ED has not yet written to the Jaggi brothers to join the probe. However, ED recently froze more than 500,000 Gensol shares in the matter, as its suspects artificial price fluctuations in stocks, it added.

BSE seeks clarification from Gensol Engineering

Following this news report in The Economic Times today, BSE sought clarification from Gensol Engineering.

The company said in a BSE filing today, “The Exchange has sought clarification from Gensol Engineering Ltd on April 22, 2025, with reference to news appeared in www.economictimes.indiatimes.com dated April 22, 2025, quoting “ED may grill Jaggi brothers of Gensol for Mahadev link”.”

Meanwhile, Gensol Engineering investors continued to flee the small-cap stock following SEBI action and allegations of fraud against the promoters.

Sebi, through its interim order on Tuesday last week, barred brothers Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets until further notice.

The action comes amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.

SEBI also put the proposed 1:10 stock split on hold by the company to protect “gullible” retail investors.

Gensol Engineering shares crash 90% from peak

Against this backdrop, Gensol Engineering shares declined for the ninth straight session on Tuesday.

The small-cap stock was locked in the 5% lower circuit of ₹106.10 apiece, also its fresh 52-week low level on the BSE. On the NSE, Gensol Engineering share price hit ₹105.17, the lower circuit as well as the 52-week low level.

From its 52-week high of ₹1,125.75, the stock is now down 90.57%, massively denting shareholder value.

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