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From 96% to almost nothing: How Gensol's promoter holding vanished

Business Standard LogoBusiness Standard2d ago

From 96% to almost nothing: How Gensol's promoter holding vanished - Business Standard

Quick Summary:

Wellray, listed as a public shareholder, had financial dealings with Gensol over the years, which Sebi found were used to inflate revenues.

The electricity bill for December 2024—a power-intensive month for manufacturing—was less than Rs 1.6 lakh.“It can be inferred that there has been no manufacturing activity at the plant site which is on a leased property,” the Sebi order said.

However, from April 2022 to December 2024, nearly 99 per cent of Wellray’s total trading volume was concentrated in Gensol shares.

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Article Details

Category: BusinessFinance

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-18 @ 10:09:37 (2 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 872 words

Reading Time: 5 minutes read

Sentences: 5 lines

Sentence Length: 175 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 27972274

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Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 99 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 3 hours ago

Coverage Areas: India

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Publisher ID: #49

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