Gensol Engineering: Allegations of mismanagement, misappropriation of funds and credit rating downgrades has driven the shares of Gensol Engineering almost 80% down in a span of 1.5 months, with the stock trapped in the lower circuit on most trading days in March and April.
The latest order by the stock market regulator, Securities and Exchange Board of India (SEBI), against the company’s promoters has brought wide-ranging financial misappropriations to light.
To protect the interest of retail investors, SEBI halted the proposed 1:10 stock split by the company and highlighted a sharp fall in the promoter holding, with the risk of further reduction, which it said could trap “gullible investors”.
“The promoter holding in the company has already come down substantially, and there is a risk of the promoters further offloading the shares on gullible investors,” it said.
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