Gensol Engineering Ltd. is currently facing a significant crisis, with its stock price plummeting due to serious allegations of financial misconduct and regulatory actions. The share price has fallen 90% from its highest level of ₹1,126 to around ₹90 per share.
Dhoni Investment Details:
- MS Dhoni’s family office participated in Gensol’s ₹420 crore Series B round, which was conducted at the company’s highest-ever valuation for an EV firm in India.
- The investment included other high-profile names like Deepika Padukone’s KA Innovations LLP and Sumant Sinha (ReNew Power founder).
Stock Collapse:
- Gensol’s shares plummeted over 85% from a high of ₹1,126 to ₹90, with some sources citing a 90% drop (₹1,126 to ~₹122).
- From its 52-week high of ₹1,125.75, the stock has tumbled approximately 91.91%.
- The ₹90 figure is inconsistent with all verified reports, which indicate the stock stabilized around ₹117–122 as of mid-April 2025.
SEBI Action:
- SEBI barred promoters Anmol and Puneet Jaggi for allegedly diverting ₹978 crore of government-guaranteed EV loans for personal luxuries, including a Gurgaon apartment and ₹26 lakh golf set.
- Independent director Arun Menon resigned, and a forensic audit is underway.
What is the case of Gensol Engineering?
Gensol Engineering Limited mainly specializes in design, engineering, and construction (EPC) services of solar power projects. The company is headquartered in Ahmedabad, Gujarat, and also has an office in Gurugram, Haryana. Along with this, Gensol Engineering has a subsidiary company named BlueSmart which provides electric taxis. This game of fraud started with BlueSmart itself.
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Gensol Engineers had taken a loan of about 978 crores from IREDA and PFC to buy electric vehicles. The company had to use this money to further the business planning of Blue Smart and Gensol. Before raising money, Gensol had said that the company would buy 6400 electric vehicles for Rs 664 crore, which would be leased to Blue Smart. Along with this, Gensol was also ready to give an additional equity of 20 percent, due to which the total expenditure on purchasing electric vehicles was to be Rs 830 crore. But in the information given to SEBI, Gensol said that it has purchased only 4704 EVs which came for Rs 568 crore. According to this, SEBI has not yet received the account of Rs 262 crore.
