News for ICRA Limited (ICRA.NS)

In a dramatic turn of events, regulator Sebi, through its interim order on Tuesday, barred the Jaggi brothers from accessing the securities markets until further notice. The action comes amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.

SIAM data shows double-digit growth in two-wheeler exports from India, driven by demand in international markets.

Anmol Singh Jaggi and Puneet Singh Jaggi, directors of Gensol, have been accused of securities fraud and forgery by Sebi, India’s market regulator. How did the Jaggi brothers, sons of a decorated army officer, go from being celebrated entrepreneurs to being accused of siphoning off money?

Gensol Engineering shares have crashed 91% from their peak, trapping over 90 lakh retail investors. SEBIs interim order barred the company and its promoters from market access, citing fund diversion and corporate misgovernance. Investigations revealed misuse of EV loans for luxury real estate and personal expenses. SEBI has also suspended Gensols proposed stock split and ordered a forensic audit.

Brothers Anmol and Puneet Jaggi, once celebrated figures in India's renewable energy sector with Gensol Engineering and BluSmart Mobility, are now under scrutiny. SEBI has barred them from the securities market, alleging fund misappropriation from Gensol for personal use.

SEBI has restricted Gensol Engineering Ltd and its promoters from trading, citing fund diversion. The company's stock dropped 5%, closing at a 52-week low. The investigation continues as market surveillance measures are enforced.

SEBI has also prohibited both Anmol and Puneet Singh Jaggi from serving as directors or key managerial personnel at Gensol during the period of the restriction.

Gensol share price: The stock eventually settled 2.29 per cent lower at Rs 130.15. At this closing value, it has cracked 83.16 per cent in the calendar year 2025 so far.

The base issue size of the NCD is ₹100 crore, with a green shoe option to retain over-subscription of up to ₹400 crore.

Gensol Engineering share price: The stock slumped another 5 per cent to close at its lower price band (52-week low) of Rs 166.30. At this price, the stock has cracked 78.48 per cent year-to-date (YTD).

Stock Market Today | Share Market Updates - Find here all the updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 2 April 2025.

The output of eight key infrastructure sectors slowed down to a five-month low of 2.9 per cent in February, as against 7.1 per cent growth registered a year ago, according to official data released on Friday. On a monthly basis, the production growth of the core sectors was lower than the 5.1 per cent expansion recorded in January.

Bourses BSE and NSE have put the securities of Gensol under the long-term ESM (Enhanced Surveillance Measure) framework.

Sensex, Nifty updates on 28 March 2025: The benchmark BSE Sensex slipped 0.25% to close at 77,414, while the broader NSE Nifty 50 fell 0.41% to 23,494, weighed down by IT and auto stocks as investor sentiment turned cautious ahead of the U.S. reciprocal tariff announcement next week.

Electric vehicle penetration in India declines due to reduction in subsidies, price increases, and new taxes, impacting registrations and growth.

Mahindra & Mahindra to increase vehicle prices by up to 3% due to rising input costs and commodity prices.

Gensol Engineering share price: The stock today slumped another 5 per cent to hit a fresh 52-week low of Rs 248.65. At this price, it has cracked 57.09 per cent in 14 trading days.

Gensol Engineering's shares attracted attention after credit rating agencies CARE and ICRA downgraded the companys multiple credit ratings. Following this, Gensol Engineering announced that its CFO had resigned to pursue external opportunities.

Gensol share price: GEL will sell 2,997 EVs (₹315 crore) and its subsidiary (₹350 crore), which will cut debt by ₹665 crore.