BSEGensol Engineering LtdCriticalNegative
Announced Tue, 14 Jul · 13:12 IST
IREDA declares Gensol Rs 673 crore loans as fraud, reports to RBI
Price reaction · full curve
Awaiting price reaction for this filing.
AI summary
Company confirmed IREDA declared its Rs 673 crore loan accounts as fraud via order dated July 9, 2026 and reported the matter to RBI. Forensic audit found Rs 225.89 crore diverted through round-tripping, related-party transfers, and forged documents to credit rating agencies. Only 1549 of 3000 sanctioned EVs were actually purchased. NCLT had already admitted Gensol into insolvency on June 13, 2025.
Likely market impact
Very serious negative. Loan declared fraud, insolvency already underway, shareholders face major risk of loss with likely poor recovery.