Gensol Engineering Shares Hit Back-To-Back Lower Circuits, Drop 39% In 5 Days; What’s Triggered The Free Fall – News18
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Gensol Engineering Ltd shares fell 10% to Rs 335.35 due to credit rating downgrades by CARE and ICRA, citing short-term liquidity issues. The stock is down 39.07% in five sessions.
Gensol Engineering shares hit lower circuit.
Gensol Engineering Ltd shares hit the lower circuit of 10 per cent on Thursday to end at Rs 335.35 apiece. The free fall in the shares came following the credit rating downgrades by CARE and ICRA, which happened due to short-term liquidity mismatch.
On Wednesday, shares also hit the lower circuit due to the credit downgrade. In the past five sessions, the stocks are now -39.07 down, making a huge losses for investors.
Issuing the clarification to dispel the warry of investors, Gensol Engineering said “Gensol Engineering Limited (GEL) acknowledges the recent credit rating downgrades by CARE and ICRA. The rating downgrade happened due to short-term liquidity mismatch which is improving by way of customer payments.”
“Further, we deny any involvement in falsification claims and would be setting up a committee to comprehensively review the matter. This underscores company’s commitment to accountability, transparency and sustainable business practices,” the company’s statement said.
ICRA had downgraded the company’s ‘Long-Term Debt’ rating to ‘Default’ on March 4, and said that certain documents shared by Gensol Engineering on its debt servicing track record ‘were apparently falsified, raising corporate governance and liquidity concerns.
About Gensol Engineering Limited
Established in 2012, Gensol Engineering Limited, is a leading player in the renewable energy sector specializing in solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions. Gensol boasts an experienced and diverse team of over 500 professionals across Solar (Gensol Solar EPC (India & Middle East) and Scorpius Trackers), EV leasing (Let’sEV) and EV Manufacturing (Gensol EV). Gensol Solar EPC, amongst the top 10 EPC players in India, and the top 5 in terms of independent EPC players, has successfully executed over 770 MW of diverse solar projects, encompassing rooftop, ground mount, and floating solar installations across India.
