Gensol Engineering shares in free-fall for 18th day, hit lower circuit limit

Shares of crisis-hit Gensol Engineering were beaten down for the 18th straight day on Tuesday and hit a fresh lower circuit limit. The stock tanked 4.99 per cent to Rs 66.97 -- the lowest trading permissible limit for the day as also a 52-week low -- on the BSE.

On the NSE, shares of the firm dropped 5 per cent to hit the lower circuit as well as a 52-week low level of Rs 66.25.

In its 18 days of continuous fall, the stock has tumbled 59 per cent.

From the 52-week high of Rs 1,125.75, the stock has lost 94 per cent.

The corporate affairs ministry has ordered a probe into the affairs of crisis-hit Gensol Engineering and BluSmart Mobility for alleged violations of companies law, according to officials.

Gensol Engineering came under the regulatory scanner for alleged fund diversions and corporate governance lapses after Sebi, in April, passed an order barring the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market for various violations.

The order by the Securities and Exchange Board of India (Sebi), on April 15, came against the Gensol promoters amid accusations of siphoning off loan funds from their publicly-listed company, Gensol Engineering, for personal use, raising concerns over corporate governance and financial misconduct.