Gensol Engineering of the Gensol Group only appears to be slipping further down the hole of uncertainty. The engineering company that was in the news last week, after low credit ratings, appears to have been pushed into more uncertainty.
Gensol Promoters Sell Stake
The company shares that have declined in more than double digits in the past few sessions, continued to be on the downward slope on Monday, March 10.
This recent collapse in company shares came after the Gensol promoters sold their shares. As per an exchange filing filed on March 7, the Ahmedabad-based company.
In the exchange filing, the company said that the promoters have sold about 2.37 per cent of total equity shares of the company.
When we look at the impact of this news on the company shares, the value of Gensol Engineering shares declined further by 4 per cent. However, it later curbed the selloff, only by a little, as the company continued to trade in the equity markets with deep cuts. | Representational Image/Pixabay
This 2.37 per cent amounts to 9,00,000 shares.
As a result of this sale in shares, the company promoters have reduced their overall shareholding in the company to 59.70 per cent.
The company said that this move is being carried out to expand liquidity that will be reinvested into the business through equity infusion.
In addition, the company also claimed that this step is part of a strategy aimed at reinforcing the company’s balance sheet and supporting stability.
Gensol Shares in Decline
When we look at the impact of this news on the company shares, the value of Gensol Engineering shares declined further by 4 per cent. However, it later curbed the sell off, only by a little, as the company continued to trade in the equity markets with deep cuts.
At the time of writing, the Gensol Engineering shares' decline in the day stood at 3.48 per cent or Rs 11.20 per piece.
At the time of writing, the Gensol Engineering shares' decline in the day stood at 3.48 per cent or Rs 11.20 per piece. |
This took the overall value of the company shares to Rs 310.70 per piece, a pale shadow of its 52 week high of Rs 1,124.90 per share.
In the past 5 trading sessions, the company shares have seen a cumulative decline of 38.75 per cent or Rs 196.60 per piece.
