India's Gensol Engineering sinks as regulator takes action after debt defaults

Gensol Engineering

16/04/2025 05:45

** Shares of Gensol Engineering GENO.NS down 5%, the maximum drop allowed by the exchange, at 122.68 rupees

** Indian market regulator restricts co's founders from holding any key position at any listed co until further orders, for diversion of funds and fraudulent practices, and debt defaults

** Regulator also bars co's founders from the securities market,
       ** Further, bars the construction firm from conducting a 1:10 stock split approved on Saturday

** In March and April, GENO shares have fallen in all but two trading sessions

** GENO shares have fallen nearly 71% since March 3, when Care Edge significantly downgraded the firm's credit rating, citing ongoing debt repayment delays

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))