Sebi finds no manufacturing at Gensol’s Pune EV plant, only 2-3 labourers

Markets regulator Sebi has said it found “no manufacturing activity” at Gensol Engineering‘s electric vehicle (EV) plant in Pune with only 2-3 labourers present when a National Stock Exchange (NSE) official visited the site. These revelations were part of markets regulator Sebi’s interim order issued on April 15 following a complaint received in June 2024 alleging manipulation of Gensol’s share price and misappropriation of funds.

In its order, the Securities and Exchange Board of India (Sebi) found discrepancies as well as misleading disclosures to…