Jaggi-led Gensol's debt woes much bigger than thought
Live MintMumbai: The debt troubles of Gensol Engineering Ltd, whose loans were downgraded to default by two rating agencies this week, are more pronounced than initially thought. A Gensol spokesperson said on Thursday, “We have already addressed the concerns related to downgrade and minor payment delays which occurred due to short-term liquidity mismatch and is now improving by way of customer payments." Debt defaults Gensol’s financial crunch surfaced in public on 3 March, when Care Ratings Ltd downgraded its ₹716 crore bank loan to default, citing delays in “servicing of term loan obligations". According to Icra, as of 22 November, some of Gensol's prominent creditors include Power Finance Corp. Ltd, with loans of ₹334.8 crore; HDFC Bank Ltd ; Tata Motors Finance Ltd ; and Axis Bank Ltd. On Tuesday, the same day Care Ratings released the report, Badjate Stock Broking Pvt Ltd, a Nagpur-based stockbroking company, took control of 0.37% of Jaggi's shares.
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Gensol Engineering shares recover 15% from all-time low but still 32% down in 4 sessions
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Gensol share price tanks another 10% as debt reduction plan fails to lift sentiment; stock dips 35% in 3 days
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Gensol Engineering shares crash after Care Ratings downgrades bank loan
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