India's Power Finance Corp falls on Gensol loan repayment disclosure

Gensol Engineering

23/04/2025 09:15

April 23 - ** Shares of state owned Power Finance Corp PWFC.NS down 2.78% to 426 rupees

** The non-banking lender says it loaned 3.52 billion rupees ($41 million) to Gensol Engineering GENO.NS in 2023 and has only received 450 million rupees as of April 18

** PWFC files complaint against Gensol with the economic offenses wing for falsifying documents

** India's markets regulator has taken a slew of actions against Gensol and its founders for allegedly defaulting on debt and diverting funds raised for business towards personal luxury purchases

** With session's decline, PWFC trims 12-month gain to 7%

 (Reporting by Ananta Agarwal in Bengaluru)

 ((Ananta.Agarwal@thomsonreuters.com))