India, April 16 -- Gensol Engineering Ltd shares fell by as much as 5%, hitting a yearly low on Wednesday, after Securities and Exchange Board of India (SEBI) alleged that its promoters had diverted company funds.

At 12:45 pm, the company's stock was down on the Bombay Stock Exchange (BSE) by 4.99% or by Rs.6.50, hitting Rs.123.65. The intraday low so far was also the same amount, which is also the 52-week low.

SEBI had written in its order that the company had raised Rs.975 crore in loans from institutions such as Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC) for purchasing electric vehicles (EVs) for its ride-hailing company BluSmart.

However, only a portion of the money was used for that purp...