Gensol Engineering Stock Crashes 92%; ED Accuses Jaggi Brothers For Mahadev Betting App Case
On Thursday, Shares of Gensol Engineering Ltd plunged another 5 percent and touched a fresh one-year low of Rs 60.45. At this price, the stock has nosedived 92.26 percent in the calendar year 2025 so far.
The latest blow comes after the Securities Appellate Tribunal's (SAT's) decision to deny interim relief to the company, which is currently under investigation for alleged fund diversion.
Bourses BSE and NSE have put the securities of Gensol under the ESM (Enhanced Surveillance Measure) framework. The firm's market capitalisation (m-cap) today stood at Rs 229.72 crore.Exchanges put mainboard companies with a market capitalisation (m-cap) of less than Rs 1,000 crore under the ESM structure.
Reports emerged that the Gensol promoters would be summoned by the ED in connection with the Mahadev Book app investigation, though the company denied such "factually incorrect, speculative, and misleading" reports on April 23. The ED recently confiscated Zenith Multi Trading DMCC's stake in Gensol Engineering, linked to Hari Shankar Tibrewal, a key accused in the Mahadev Betting App money laundering case.
"We categorically state that the news item is factually incorrect, speculative, and misleading. We reiterate that the promoters of Gensol Engineering Limited have no association with the Mahadev Book app case or the alleged financial transactions cited therein," Gensol stated.
Gensol on April 23 said that the company or directors, including Anmol and Puneet Singh Jaggi, had not received any communication or notice from ED concerning an appearance regarding the Mahadev book app case under a fresh probe done by ED on April 16.
Sebi ordered a forensic probe into Gensol's renewable energy firm. They had also barred Gensol's promoters-brothers Anmol and Puneet Jaggi from accessing stock markets. Sebi also decided to put on hold the stock split (1:10) exercise announced by the company last month.
Gensol's promoters allegedly diverted hundreds of crores raised for electric vehicle (EV) procurement into personal indulgences such as luxury real estate and questionable transactions with related entities.
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