Gensol Engg shares plunge following rating downgrades

Mumbai Shares of Gensol Engineering, a clean energy services provider, tumbled 10% on Thursday, extending losses to the third straight session, after the company said its ratings were downgraded by ICRA and CARE citing concerns over corporate governance practices. The stock, which closed at ₹335.35, slumped 35% in the three trading sessions.

Both agencies have downgraded Gensol to their respective 'D' citing high-risk of defaulting on its payments. Earlier in February, the chairman and MD of the company had sold part of his shares to reduce the pledged shares against the loan for the company.