Aniket PujariGensol Engineering share price has been on a consistent decline, marking its 10th consecutive session of losses, with a drop of over 50%. Gensol Engineering share price today fell by 5%, reaching a 52-week low following the announcement that the company’s promoters have divested a 2.37% stake in the EPC firm. In its exchange filing, the company announced its plan to invest ₹28.99 crore by converting warrants into equity in the firm.
Gensol Engineering share price today opened at ₹293.60 apiece on the BSE, the stock touched an intraday low of ₹289.90 per share, and an intraday high of ₹297 apiece.
Anshul Jain, Head of Research at Lakshmishree Investment and Securities highlighted that Gensol Engineering share price has broken its IPO low of 436, plunging with a massive 3,151% surge in volume against its 50-day average. The stock remains weak and in a clear downtrend.
With no historical support at these levels, Fibonacci extension analysis suggests a probable downside target of 205. This level could act as support, but given the heavy selling pressure, investors should remain cautious. Until signs of reversal emerge, Gensol’s bearish momentum may continue, explained Jain.
