Gensol Engineering Shares Fall After CFO Resignation and Credit Downgrades

The company's stock price declines occurred as Gensol Engineering lost its CFO and had its credit ratings downgraded leading to an overall drop of 73% since the beginning of the current period.

Gensol Engineering shares fell 9.6% to Rs 303 during Bombay Stock Exchange (BSE) trading on Friday March 7. Shares of the company experienced their eighth consecutive day of losses after announcing CFO Ankit Jain had stepped down to pursue different professional opportunities. On March 6, 2025 Ankit Jain officially stepped down from his CFO position according to an exchange filing and Jain received acknowledgment for all his assistance to the company.

The company selected Jabirmahendi Mohammedraza Aga to assume the position of CFO. The Gensol Group benefits from Aga who is an experienced finance professional specializing in risk management and corporate finance and financial reporting. The company appointed Aga Jabirmahendi Mohammedraza as CFO to control financial operations while managing through difficulties in the firm's current situation.

The share value dropped further due to successive rating company downgrades. The credit ratings of Gensol Engineering received negative revisions from ICRA and CARE Ratings which confirmed substantial financial disorder. The company received several downgrades from ICRA which turned Rs 2,050 crore worth of loans into [ICRA]D rating and CARE Ratings shifted Rs 716 crore of facilities to CARE D assessing default or high credit risk levels.

Gensol Engineering shareholders have faced a dramatic decline of their stock value by 73% since last September as the company faces mounting financial issues. The price dropped from Rs 1,126 to Rs 303.