Gensol Engineering, the engineering arm of the Gensol Group, has kick off yet another tumultuous day amid uncertainties, surrounding the company.
The company started the day on a positive note, gaining over 2 per cent in the early hours of the day's trade, soon dipped in value, as the day's trade progressed further.
Gensol's Shares Under Pressure
This comes to pass after the Ahmedabad-based company lost significant amount of its value in the previous trading session, on Thursday, March 6.
The company shares have been under immense pressure after rating agencies CARE and ICRA downgraded the company stocks.
The company shares dipped in red, hitting in the lower circuit yesterday. Gensol Engineering shares crumbled, dropping by 10 per cent.
A Day Of Ups And Downs
Today, the story looked a little different, and started on a positive note, however, as mentioned before, the company shares soon collapsed, yet again, continuing in the red terrain.
After opening at USD 307.25 per share, the company shares hit the high of USD 352.95 per share.
At the time of writing, the company shares dipped by 5.76 per cent or Rs 19.30. This took the overall value of Gensol Engineering shares to Rs 315.50 per share.
Gensol Brings Back Old CFO
Amid the insurmountable decline, the company recently appointed or more precisely re-appointed its old CFO Jabirmahendi Aga back to the same role.
The company announced the re-appointment of Jabirmahendi Aga as its new Chief Financial Officer (CFO), effective immediately. He succeeds Ankit Jain, who has decided to pursue other opportunities.
In the exchange filing, the company said, "Jabir brings over 14 years of experience in finance and a deep understanding of Gensol's financial operations, having previously served as the CFO for Gensol Engineering Limited. In this role, Jabir will report directly to Anmol Singh Jaggi, Chairman & Managing Director, Gensol Engineering Limited."
Anmol Singh Jaggi, Chairman & Managing Director of Gensol Engineering Limited said, "We are delighted to welcome Jabir back to the team and are confident that his expertise and experience will be invaluable in driving the company's future growth and success,"
