Gensol Share Price Hit 5% Upper Circuit for 2nd Straight Day After Exit of Jaggi Brothers

On May 14, 2025, Gensol shares hit a 5% upper circuit for the 2nd consecutive trading session. The shares of Gensol reached a day high of ₹60.14 on May 14. This gain came after the stock crashed to get locked in the lower circuit for a 17 consecutive sessions. The Gensol share price took U-turn after the company announced that its Managing Director, Anmol Singh Jaggi, and Whole-time Director, Puneet Singh Jagg,i have resigned.

SEBI Probe on Gensol Engineering

Citing serious governance lapses, the Securities and Exchange Board of India (SEBI) recently barred the Jaggi brothers from holding any directorial roles across companies. The regulator is currently probing allegations of fund misappropriation by the brothers, who are accused of diverting company resources for personal benefit.

Gensol Engineering, the company at the center of the controversy, operates in the engineering, procurement, and construction (EPC) sector for solar power projects.

Meanwhile, the Jaggis’ other business venture, BluSmart—an all-electric ride-hailing startup—has ceased operations entirely following the initiation of SEBI's investigation. Prior to the regulatory scrutiny, BluSmart had been in talks to secure funding from two state-owned financial institutions: Power Finance Corporation (PFC) Ltd and the Indian Renewable Energy Development Agency (IREDA).

Also Read: Government Plans Joint Probe in Gensol Engineering Case

Gensol Commissioned Solar Power Plant

Gensol Engineering Limited has successfully commissioned a ground-mounted solar power plant in Panchet, located in the Dhanbad district of Jharkhand. Developed under a ₹40 crore EPC contract, the project highlights Gensol’s technical proficiency in delivering complex solar installations across challenging terrains. The contract also includes end-to-end operations and maintenance (O&M) services for a five-year period.

Spread across 40 acres, the solar plant is expected to generate over 15 million units of clean electricity annually, dedicated to commercial applications. The site's diverse and difficult topography—including loose soil, rocky outcrops, and legacy mining excavations—demanded innovative engineering approaches. Gensol addressed these challenges by deploying advanced Mounting Structure Systems (MMS) and high-efficiency photovoltaic (PV) modules, ensuring optimal energy output even on steep terrain.

This project is expected to offset approximately 21,000 metric tonnes of CO₂ emissions each year, marking a significant step toward Jharkhand’s renewable energy and sustainability goals. The new plant will enhance the region’s energy security by reducing dependence on fossil fuels while catering to growing electricity demand.

Gensol reaffirms its commitment to advancing India’s clean energy transition through scalable, efficient, and environmentally responsible solar solutions.

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