Gensol Engg shares plunge 5 pc; hit lower circuit

New Delhi, Mar 10 (PTI) Shares of Gensol Engineering slipped 5 per cent on the bourses on Monday after the company said its promoters had divested a 2.37 per cent stake in the EPC firm.

Extending the losses for the 10th straight day, the stock of the company declined 5 per cent each to Rs 305.15 and Rs 305.80 apiece -- to hit its lower circuit limit and also its 52-week low -- on the BSE and NSE, respectively.

In the last 10 trading sessions, Gensol Engineering's shares tanked more than 46 per cent.

In volume terms, 14.50 lakh shares of Gensol were traded on the NSE, and 1.53 lakh scrips exchanged hands on the BSE during the day.

The 30-share BSE Sensex declined 217.41 points or 0.29 per cent to settle at 74,115.17 and NSE Nifty fell 92.20 points or 0.41 per cent to close at 22,460.30.

In a regulatory filing on Friday, Ahmedabad-based Gensol Engineering said promoters of the company have sold 9 lakh shares or nearly a 2.37 per cent stake to unlock liquidity that will be reinvested into the business through equity infusion.

This step is part of a strategy aimed at reinforcing the company's balance sheet and supporting stability, the company said in a statement.

Further, the promoters will infuse the same amount received through this sale or more amount in the warrant subscription round executed on June 18, 2024, thereby providing additional growth capital to the company.

After the stake sale, Gensol's promoters will continue to hold a 59.70 per cent shareholding in the company, it added. PTI HG HG SHW

Source: PTI