Gensol share price tanks another 10% as debt reduction plan fails to lift sentiment; stock dips 35% in 3 days
Shares of Gensol Engineering, a leading player in the renewable energy sector specialising in solar power engineering, procurement, and construction (EPC) services, were locked in the 10% lower circuit limit for the second straight session on Thursday, March 6, hitting an all-time low of ₹334.80.
Over the last three trading sessions, the stock has faced intense selling pressure, correcting by 35% after rating agencies CARE and ICRA downgraded the company’s credit ratings.
Addressing the downgrades, the company stated on Wednesday that proceeds from a series of asset divestments would be used to reduce debt. The company’s total current debt stands at ₹1,146 crore against reserves of ₹589 crore, resulting in a debt-equity ratio…
