IREDA declares Gensol Engineering and Gensol EV Lease as fraud borrowers

Fraud confirmedRegulatory & Legal View source PDF Explain this filing

IREDA · price

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Price reactionminutes from the announcement price · days from the prior close

-1.4%Reaction day

₹126.53

prior close

₹124.25

announcement price

After-mkt

timing

Nifty Midcap 150market+0.0%-1.4% vs market

Financial Institution peers, median of 7sector-0.2%-1.2% vs sector

On the reaction day the stock moved 1.4 pts less than Nifty Midcap 150 and 1.2 pts less than its Financial Institution peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

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15m

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30m

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Sessions after the filingfrom the prior close

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Reaction day

-1.4+0.0-1.4-0.2-1.2

Next day

-3.5-0.5-3.0-0.1-3.4

-4.1-0.1-4.0-0.6-3.5

-4.6-0.5-4.1-1.1-3.4

-4.0-0.9-3.1-0.6-3.4

-4.0-0.3-3.6-0.2-3.8

-5.4-1.0-4.3-0.9-4.5

15d

-2.8+1.1-3.9+0.3-3.1

-7.2+1.6-8.8-1.8-5.4

-13.9-3.5-10.4-12.0-1.8

-14.6-5.8-8.9-13.0-1.7

UpDownMarket · Nifty Midcap 150Sector · Financial Institution peers, median of 7Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

IREDA has declared Gensol Engineering Limited and its subsidiary Gensol EV Lease Limited as fraud accounts and reported the matter to RBI under RBI Master Direction on Fraud Risk Management. Combined outstanding is about Rs 672.74 crore (Rs 453.77 cr from Gensol Engineering, Rs 218.97 cr from Gensol EV Lease). The alleged fraud involves misappropriation, criminal breach of trust, and forgery. IREDA holds 85% provision on these accounts as on 31 March 2026.

Likely market impact

IREDA has already set aside 85% provisioning, limiting direct financial hit. Negative for Gensol Engineering and its subsidiary; credit availability likely affected.