Gensol shares bounce back; hit 5% upper circuit limit

New Delhi: Shares of Gensol Engineering made a comeback on Tuesday, surging 5 per cent to hit an upper circuit limit, after promoters of the beleaguered firm, Anmol Singh Jaggi and Puneet Singh Jaggi resigned from the company.

The stock recovered to settle at Rs 57.28 -- its upper circuit limit --reflecting a jump of 4.99 per cent on the BSE. Earlier in the day, the stock dropped 4.99 per cent to Rs 51.84 -- its 52-week low as well as the lower circuit limit.

At the NSE, shares of the firm climbed 4.99 per cent to settle at Rs 56.64 -- the upper circuit limit. During the morning trade, the stock tumbled 5 per cent to hit the lowest trading permissible limit for the day as also a 52-week low of Rs 51.25.

The stock had been falling for the past 22 trading sessions, tanking 66.61 per cent.

The Jaggis have resigned from the company with effect from May 12 following market regulator Sebi's interim order, according to an exchange filing on Monday. Anmol held the post of Managing Director while Puneet was a Whole-time Director.

On April 15, the Securities and Exchange Board of India (Sebi) barred Gensol Engineering and the two promoters from the securities markets till further orders in a fund diversion and governance lapses case.

The regulator also debarred them from holding the position of director or key managerial personnel in Gensol until further orders.

The markets watchdog also directed Gensol Engineering Ltd to put on hold the stock split announced by it.