NEW DELHI: Shares of crisis-hit Gensol Engineering continued to slide on Wednesday, declining 5 per cent, to hit another lower circuit limit.
The stock tumbled 4.99 per cent to Rs 78.10 -- its lowest trading permissible limit for the day as also a 52-week low -- on the BSE.
Shares of the firm slumped 5 per cent to hit the lower circuit as well as a 52-week low level of Rs 77.29 at the NSE.
The stock witnessed a decline for the 15th straight day on Wednesday.
During this time, the stock has lost over 52 per cent. Shares of the firm have dropped 93 per cent from the 52-week high of Rs 1,125.75.
Brothers Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of Gensol and BluSmart, are facing regulatory action by the Securities and Exchange Board of India (Sebi) over allegations of diversion of the loan money meant for EV purchase.
Sebi has imposed a capital market ban on the duo, barring them from holding positions in listed companies.
Gensol Engineering is engaged in providing solar consulting services, engineering, procurement and construction (EPC) services, and leasing of electric vehicles, among others.
Sebi received a complaint in June 2024 related to the manipulation of share price and diversion of funds from Gensol and thereafter, started examining the matter.
Additionally, Sebi directed Gensol Engineering to put its planned stock split into the ratio of 1:10 on hold.