Gensol Engineering’s CFO Ankit Jain Resigns; Shares Hit Lower Circuit for Three Consecutive Days

Gensol Engineering’s Chief Financial Officer (CFO), Ankit Jain, has resigned from his position. The company’s shares, which provide solar energy solutions, are facing a massive sell-off. Over the past three consecutive trading sessions, the stock has hit the lower circuit, resulting in a total decline of over 42% in just eight trading days.

The company officially announced Ankit Jain’s resignation through an exchange filing late Thursday evening. His resignation has been effective since March 6, meaning he is no longer the CFO of the company. Jabirmahendi Mohammedraza Aga has taken over the role. Aga has previously handled corporate finance, risk management, investor relations, and other key responsibilities within the Gensol Group.

Why Are Gensol Engineering Shares Facing Heavy Selling Pressure?

Credit rating agencies CARE and ICRA downgraded Gensol Engineering’s rating due to delays in loan repayments, leading to a surge in selling pressure on the stock. The company stated that the downgrade was due to short-term liquidity mismatches, which are now improving through customer payments. However, the stock continues to decline.

Additionally, ICRA accused the company of providing misleading information, further intensifying the pressure on its shares. Although the company announced that its promoters would buy shares from the open market, this move has failed to stop the stock from falling.