 "Gensol Engg trades lower for fourth straight day; slips 43% from Feb high")
Shares of Gensol Engineering were locked in the 5 per cent lower circuit at Rs 789.15 on the BSE on Thursday at 02:52 pm on the back heavy volumes in an otherwise firm market. A combined 1.3 million equity shares changed hands and there were pending sell orders for nearly 65,000 shares on the NSE and BSE. In comparison, the S&P BSE Sensex was up 0.4 per cent at 73,039.
The stock of the consulting services company was trading lower for the fourth straight day, down 22 per cent during the period as the company’s name was carried in connection with Zenith Multi Trading DMCC (Zenith). The stock has corrected 43 per cent from its record high level of Rs 1,377.10 touched on February 20.
Prior to that, the stock price of Gensol in the past eight months between June 20, 2023 and February 20, 2024, zoomed nearly 300 per cent from level of Rs 335.
On clarification to media reports, Gensol said Zenith, a passive shareholder since September 2022, holds less than 1.5 per cent in Gensol and holds neither decision-making rights nor any involvement in the business and operational strategies of the company.
The company further said that any developments related to Zenith will have no impact on its growth trajectory or strategic vision. The company does not exercise control over or have access to its shareholders' business dealings or private transactions.
Furthermore, Gensol's core business fundamentals remain robust, bolstered by favorable industry trends and remain steadfast in its commitment to rapid growth and success. “The company’s robust order book, new wins such as in Battery Energy Storage Systems (BESS), and obtaining ARAI approval for Gensol electric vehicle (EV), underscore our dedication to innovation and expansion,” the company said.
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Gensol specializes in engineering, procurement, and construction (EPC) services, focusing on the solar power sector. Venturing beyond solar, Gensol has established an EV production facility in Pune, India, dedicated to crafting electric three-wheelers and four-wheelers.