Gensol Engineering Ltd.’s shares hit a fresh record low on Monday, locked in the lower circuit for the 13th consecutive session. The stock has fallen below Rs 90 for the first time.
The stock has been sliding consistently since 24th February, reaching multi-month lows after ratings agencies flagged concerns over delays in servicing term-loan obligations. Allegations of data falsification have further weighed on sentiment.
On Friday, the Indian Renewable Energy Development Agency Ltd. filed a complaint with the Economic Offences Wing against Gensol Engineering, as the Enforcement Directorate seeks a lookout circular against the Jaggi brothers.
Ireda’s complaint relates to alleged falsification of documents and dilution of promoter holdings without its approval, according to a stock exchange filing.
While Ireda clarified that Gensol’s account remains under stress but has not yet been classified as a non-performing asset, it has launched an internal review. Its investigation and risk committees are “closely” monitoring the situation.
