BluSmart Cab News: At the NSE, it slumped 5 per cent to Rs 116.54 – the lowest trading permissible limit for the day as well as an all-time low.
Mumbai: BluSmart Cab News: Services of electric cab-hailing platform BluSmart remained non-operational in Delhi-NCR, Bengaluru, and Mumbai amid market regulator Sebi’s crackdown on its co-founder over alleged misuse of funds at an affiliated company. Anmol Singh Jaggi, who co-founded BluSmart, is also the promoter of Gensol Engineering. BluSmart provides electric car services in the three metros and has a fleet of 8,000 taxis.
The company stopped taking bookings from Wednesday evening and remained unoperational on Thursday as well.
The company, backed by BP Ventures – an arm of the global energy giant BP – did not immediately offer any comments on the issue.
“We’ve decided to temporarily close bookings on the BluSmart app,” the firm said in an email to customers without giving any reasons.
“I have almost 20K balance in BluSmart and today morning got this mail that BluSmart services are suspended. What is this??? When can get the refund of BluSmart is getting closed,” said a customer in a post on X on Wednesday and attached the screenshot of the company’s e-mail.
BluSmart has assured customers that it will initiate a refund within 90 days.
“We truly appreciate your support. While we strive to be back soon, we will initiate a refund within 90 days if services do not resume before that,” the e-mail said.
Gensol Engineering shares hit another lower circuit
Meanwhile, shares of Gensol Engineering dropped 5 per cent on Thursday i.e. on April 17, 2025 to hit the lower circuit limit. The downfall comes after the market regulator barred the firm and its promoters – Anmol Singh Jaggi and Puneet Singh Jaggi – from securities markets till further orders in a fund diversion and governance lapses case.
The stock tanked 4.97 per cent to Rs 117.50 – its lower circuit limit as well as record low – on the BSE.
At the NSE, it slumped 5 per cent to Rs 116.54 – the lowest trading permissible limit for the day as well as an all-time low.
From its 52-week high of Rs 1,125.75, the stock is now down 89.56 per cent.
Sebi’s Action on Jaggi Brothers
Earlier this week, Sebi (securities and exchange board of India) banned brothers Anmol and Puneet Jaggi from the stock market and ordered a forensic investigation into their listed renewable energy company Gensol.
The investigation focuses on allegations that they used funds intended for procuring electric vehicles to purchase luxury apartments.
