Another setback for Gensol Engineering, stock in focus today 

Shares of Gensol Engineering are in focus today after the crisis-stricken firm said Arun Menon (DIN: has tendered his resignation as the independent director of the company, with immediate effect. In the previous session, Gensol Engineering shares ended 4.99% lower at Rs 123.65 on BSE. Market cap of the firm fell to Rs 469.90 crore. The stock also hit its 52 week low of Rs 123.65 on Wednesday. 

Total 0.20 lakh shares changed hands amounting to a turnover of Rs 25 lakh on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 10.2, signaling it is extremely oversold on charts. Gensol Engineering shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Gensol Engineering stock has lost 83% in thre months and 53% in a month. The stock has a one-year beta of 0.6, indicating very low volatility during the period.  

"Pursuant to Regulation 30 of SEBI Listing Regulations, we wish to inform you that Mr. Arun Menon (DIN: 07777308), has tendered his resignation as the Independent Director of the Company, with immediate effect, the reasons is mentioned in the resignation letter. Consequently, He shall also cease to be a Member of the various Committee of the Company," said Gensol.

On Tuesday, Securities and Exchange Board of India (SEBI) issued an interim order preventing the firm and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from participating in the securities markets until further notice. This decision comes amid allegations of fund diversion and issues related to corporate governance.

On March 4, CARE Ratings took the step of downgrading the long-term and short-term bank facilities of the company due to delays in servicing its term loan commitments. Since that downgrade, the stock has been on a slide. 

The situation worsened just a day later when ICRA also downgraded the company’s credit rating. Following this, the stock has frequently hit lower circuit limits during trading sessions.As part of the consequences, SEBI has prohibited both Anmol and Puneet Singh Jaggi from serving as directors or key management personnel at Gensol for the time being.

Additionally, the regulator has called for the suspension of the stock split that the company had previously announced.