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Gensol Engineering shares hit a 52-week low after ED raids its Ahmedabad and Gurgaon offices amid a FEMA probe
Gensol Shares Fall
Gensol Engineering shares plunged 5% on Tuesday after the company informed stock exchanges that the Directorate of Enforcement (ED) had conducted search and seizure operations at its offices in Gurgaon and Ahmedabad.
The stock faced continued selling pressure, hitting a 52-week low of Rs 81.36. Over the past month, Gensol shares have lost more than 50% of their value, and nearly 90% over the past six months.
In a filing to the exchanges, Gensol confirmed that the ED had raided its premises and seized several documents, electronic devices, and financial records. The company added that it is currently not possible to assess the financial impact of the enforcement action.
The raids come amid heightened scrutiny of Gensol Engineering following concerns raised earlier this month by the Securities and Exchange Board of India (Sebi). On April 15, Sebi took several actions against the company, alleging that Gensol had diverted funds raised for business purposes towards personal luxury purchases.
Additionally, Sebi accused the company of defaulting on loans, including debt used to finance electric vehicles for its ride-hailing startup, BluSmart Mobility. Gensol has denied any loan defaults.
The latest developments have intensified pressure on the company, deepening investor concerns over its financial practices and governance.
Gensol, which operates in the solar EPC and EV leasing space, has come under increasing regulatory pressure. Its shares have plunged 83% in 2025 amid concerns about its financial health and mounting legal troubles. The company is also being investigated under the Prevention of Money Laundering Act for suspected financial irregularities and foreign exchange violations.
Promoters Anmol Singh Jaggi and Puneet Singh Jaggi remain under SEBI scrutiny for allegedly diverting loan funds. SEBI has barred them from holding any positions in listed companies.