The unraveling of Gensol Engineering saga

Sebi report earlier this week highlighted Gensol misled everyone — from rating agencies, regulators to investors

- ARSHAD KHAN @ New Delhi

AT the Bharat Mobility Expo 2025, Gensol Engineering (GEL) dazzled investors and industry watchers with two sleek electric vehicles (EVs), promising production within months. The company even announced 30,000 pre-orders, eliminating concerns that it is struggling with its EV business. But when NSE officials visited Gensol's Pune facility in April, they found an eerie silence — just two-three workers in what was supposed to be a bustling EV factory.

Those 30,000 pre-orders, they were merely MoUs — non-binding agreements with no fixed pricing or delivery timelines. Sebi probe revealed Gensol had misled investors, regulators, and lenders by inflating its order book. This is one of the many instances when Gensol misled everyone — from credit rating agencies to its investors — as highlighted in the probe report published by the Sebi earlier this week. The regulator accused Anmol Jaggi and his brother Puneet — co-founders of Gensol — of misusing company funds. Sebi alleged money earmarked for Gensol's EV business was diverted to purchase a luxury apartment, among other personal and family expenses.

Shares of the company plummeted another 5% on Thursday, hitting the lower circuit and plunging to a fresh 52-week low of ₹116.54. The stock has slid 90% from its all-time peak.