The temperature has shot up for Gensol Engineering as its shares have crashed drastically. This came after SEBI barred Gensol and its promoters from accessing the market, followed by allegations of fund diversion. According to the reports, SEBI on Tuesday issued an interim order after the promoters misused and diverted company funds. The company’s stocks hit the lower circuit, falling 5% to open at Rs 122.68 per share. SEBI has accused the promoters of Gensol of managing the public company as if it were a private entity.
Gensol Engineering had recently announced a stock split in the ratio of 1:10, which SEBI has now asked to suspend. According to market experts, the company’s share price has dropped by 17%, with a dramatic 46% decline over the past month. The company’s market capitalisation now stands at Rs 498.35 crore. The stock, which previously reached a 52-week high of Rs 1,124.90, has now fallen to a 52-week low of Rs 126.02.
Is Gensol going to charge itself against the allegations? Tell us your thoughts in the comments.
Disclaimer: https://lnkd.in/gJJDnvn2
Source: Financial Express