Gensol Engineering’s share price dropped sharply on Thursday morning, hitting the lower circuit on the NSE. The fall happened after IREDA (Indian Renewable Energy Development Agency Limited) announced that it has taken legal action to recover ₹510 crore from the company.
IREDA’s Legal Move:
On Wednesday, May 21, 2025, after market hours, IREDA informed both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) that it had filed a case with the Debt Recovery Tribunal (DRT) in Delhi. The case is against Gensol Engineering Limited and its subsidiary, Gensol EV Lease Pvt. Ltd.
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According to IREDA, this legal step is part of their ongoing efforts to recover outstanding dues. The total default amount is:
- ₹510.05 crore from Gensol Engineering Limited
- ₹218.95 crore from Gensol EV Lease Pvt. Ltd.
The application was filed under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, on May 20, 2025.
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Share Price Impact:
On Thursday, Gensol Engineering’s share opened at ₹68.30, which was lower than Wednesday’s closing price of ₹69.70. Since ₹68.30 was also the lowest price allowed for the day (lower circuit), the stock hit its lower circuit limit as soon as trading began.
Note to Investors:
This report is based on announcements and market developments. Please consult certified financial advisors before making any investment decisions.
