Bengaluru, March 18 -- Gensol Engineering Ltd's promoters continue to lose ownership as three creditors wrested 6.96% of the pledged shares after the founders could not provide more collateral for the loans after the company's stock price tanked 68% since 1 January.

Last week, creditors led by Virtue Financial Services Private Ltd and SICPA India Pvt Ltd invoked 4.3% and 1.19% of the pledged shares, respectively, according to exchange data dated 17 March. Earlier this month, Badjate Stock Broking Pvt. Ltd invoked 1.47% of promoter shares, implying that the three creditors have taken ownership of 6.96% of Gensol shares since action by two rating agencies first brought to the fore the problems faced by the Ahmedabad-based company.

Since t...