Today’s Gensol Share Price: Following the resignations of Anmol Singh Jaggi and Punit Singh Jaggi, promoter-directors of the Ahmedabad-based solar company, in response to SEBI’s interim order, Gensol Engineering’s shares opened 5% lower on Thursday, reaching a lower circuit and a new 52-week low for the second day in a row. They were barred from the stock market by SEBI after they were suspected of financial irregularities.

The stock of the green energy sector started at Rs 116.54 on the NSE, down 5% from the closing price of Rs 122.68 per share the day before. Due to financial issues with the promoters, the scrip has been hitting lower circuits after lower circuits over the last several months. After closing at Rs 129.14 per share on the NSE the previous session, Gensol Engineering’s shares fell 5% to Rs 122.68 on Wednesday.

The price of Gensol shares decreased more than 16% in the previous five sessions, more than 50% in a month, and more than 85% in the last six months.

In a regulatory statement, the business said that Anmol and Punit Jaggi had resigned from their roles as directors and managers of Gensol with immediate effect, in accordance with SEBI’s directive.

Additionally impacted was Bluesmart taxi service.

Anmol Jagi is in double danger, according to ET. Additionally, Bluesmart, the ride-hailing service he co-founded, has begun to shut down. Many users claimed that they couldn’t use the app to hire a taxi on Wednesday. Due to disagreements about Gensol, Bluesmart’s latest attempt to fund $50 million (around Rs 415 crore) failed.

SEBI selects auditors.

A forensic auditor will now be assigned by Sebi to review Gensol’s and its connected firms’ financial records. Whether the company’s finances were misappropriated will be determined by the investigation. Additionally, Sebi has postponed plans to divide the company’s stock.

The Jagi brothers purchased pricey apartments and presents.

In an interim ruling, the markets watchdog mandated that Anmol Singh Jagi use the loan profits from his Gurugram business to pay Rs 100 crore. It is alleged that he spent Rs 42.94 crore on opulent residences. ‘The Camellias’ is a luxury neighbourhood where this property is situated.

Jagi is accused of using Go-Auto Private Limited to transfer the funds from Gensol to Capbridge Ventures. With that money, he also purchased a pricey flat in Gurugram. According to the SEBI investigation, he used the investors’ funds to pay Rs 10.36 lakh for spa services. Jaggi also spent Rs 26 lakh on golf equipment.

Additionally, according to the allegation, Jagi paid 9.95 lakh to settle his ICICI Bank credit card debt, transferred Rs. 2.98 crore to his wife Mugdha Kaur Jagi’s account, and transferred Rs. 6.20 crore to his mother Jasminder Kaur’s account. Jagi also allegedly spent Rs. 3 lakh on a private trip through MakeMyTrip, 1.86 crore in UAE dirhams, and 17.28 lakh on pricey watches and jewellery.