Gensol Engineering Shares Bounce Back After CFO Ankit Jain Steps Down

Gensol Engineering announced CFO’s resignation on Friday. The company has appointed Jabirmahendi Mohammedraza Aga as the Chief Financial Officer in the place of Ankit Jain.

Credit rating agencies ICRA and Care Edge Ratings downgraded the company’s credit rating and noted ongoing delays in the company’s debt servicing.

Gensol Engineering on Wednesday denied falsifying debt-related data, after credit rating agency ICRA downgraded the company and raised concerns over its liquidity position and corporate governance practices, a Reuters report read. The company denied any involvement in claims made by the rating agencies and added it would be setting up a committee to review the matter. “These are challenging times and we are taking decisive steps towards strengthening our financial position and ensuring long-term financial stability,” Gensol added.

The firm’s stock fell further by 10% on Thursday.