On Monday evening, Anmol Singh Jaggi, Managing Director of the crisis-hit company, along with Puneet Singh Jaggi, the whole-time director, resigned from their respective positions.
“I declare that I am resigning due to the direction given under SEBI Interim Order dated April 15, 2025. I take this opportunity to thank the entire Board, the Management Team and the employees of the Company for the support and cooperation extended to me during my tenure,” Anmol Jaggi said in his resignation mail,”
On account of the lapses in governance, market regulator Securities and Exchange Board of India (SEBI) took measures against Gensol, including barring the Jaggi brothers from capital market access until further notice.
This is the 18th consecutive lower circuit for Gensol Engineering and the 23rd straight day of losses for the stock.
In the 49 trading sessions since the shares of Gensol Engineering have begun to decline from levels of close to ₹580, they have gained only twice.
Shares of Gensol Engineering are now at ₹51.25, down from their peak levels of ₹1,124 last year. The stock has lost 94% of its value this year so far after the lapses emerged.
