The share of Opec oil in India's imports fell to a record low in fiscal year 2024-25 as refiners continued to gorge on cheaper oil from Russia, the top oil supplier to New Delhi for the third straight year, data obtained from trade and industry sources showed.
India, the world's third biggest oil importer and consumer, has been tapping Russian oil sold at a discount after Western nations imposed sanctions on Moscow over the Ukraine war.
The South Asian nation imported an average of 4.88 million barrels per day (bpd) of oil in the fiscal year to March 2025, a growth of 5 per cent over the previous year.
Import of Russian oil rose 7.3 per cent to 1.76 million bpd, raising its share marginally to 36 per cent while Opec's share slipped slightly to 48.5 per cent, the data showed.
Russia is an ally of the Organization of Petroleum Exporting Countries but has eaten into the market of key Opec producers from the Middle East.
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Altered trade flows due to geopolitical tensions and costlier shipments from some traditional suppliers have pushed India to diversify sources of crude and tap cheaper supplies from even far-flung areas such as Russia.
Iraq and Saudi Arabia were the second and third biggest sources of crude for India.
India's oil imports from Saudi Arabia in 2024-25 plunged to the least in 14 years while those from Iraq declined to a four-year low, data compiled by Reuters showed.
Indian refiners restricted purchase of Saudi oil due to higher official selling prices set by state-owned Saudi Aramco for most of the year, industry sources said.
Lower imports from Iraq and Saudi Arabia dragged down the share of Middle East supplies in India's crude imports.
In March, India's imports of Russian oil rose about 11 per cent from February to 1.7 million bpd, the highest in 5 months, the data showed.
India imported 5.3 million bpd oil in March, up 1.3 per cent from the previous month, the data showed. The U.S. was the fourth largest oil supplier to India during the month.
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Gensol Engineering share price today
Gensol Engineering share price continued to stay under pressure on Tuesday, hitting multi-year low of ？106.10 as they fell 5 per cent on the BSE in today's intraday trade. Only sellers are seen on Gensol Engineering stock's counter, locking it in the lower circuit for the fourth straight trading day.
Till 01:22 pm, nearly 75,000 shares had, cumulatively, changed hands and there were pending sell orders for 3.9 million shares on the NSE and BSE. Currently, Gensol Engineering shares are trading under 'T' or Trade-for-Trade (T) group. The T group is a surveillance measure that requires securities to be settled on a trade-to-trade basis.
Gensol Engineering share price history
Of the past 16 trading days, Gensol Engineering share price has hit the lower circuit limit in 14 sessions. Since March 1, 2025, Gensol Engineering's market price has tanked 80 per cent from a level of ？ 537.95. The stock had hit a 52-week high of ？1,125.75 on June 24, 2024. ALSO READ | From 96% holding to a sliver: How Gensol promoters made swift exit
Gensol Engineering news: Why are Gensol shares falling?
The downfall in Gensol Engineering share price came amid news that credit rating agencies ICRA, and Care Ratings have downgraded ？2,050-crore debt of Gensol Engineering to 'default' status. The action came on the back of the feedback received by these rating agencies from the company's lenders around the ongoing delays in debt servicing.
"While the company has delayed in its debt servicing obligations as per feedback received from the lenders, it had, in its latest public disclosures as well as in its recent communications with ICRA, highlighted sizable available liquidity to support its operations during its ongoing growth phase," rating agency ICRA pointed out.
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We have, now, learnt that certain documents shared by Gensol Engineering with ICRA, on its debt servicing track record, were apparently falsified, which raises concerns on its corporate governance practices, including its liquidity position, the agency added. CLICK HERE FOR DETAILS
Retail shareholders increase stake in March quarter
Meanwhile, according to the latest shareholding pattern for March 2025 quarter, disclosed by Gensol Engineering, retail individual shareholders have increased their stake substantially in the company. ALSO READ | DLF Camellias flat for ？43 cr, ？6.2 cr to mother: Where Gensol funds went
Their holdings in the company increased to 40.83 per cent from 30.54 per cent at the end of December 2024 quarter. Foreign portfolio investors' holding in the company, too, increased to 4.88 per cent from 0.63 per cent in the previous quarter.
However, promoters of the company have reduced their stake in the company to 35.87 per cent in the March 2025 quarter from 62.65 per cent in the December 2024 quarter, shareholding pattern data shows.
Government action against Gensol promoters
According to reports, Enforcement Directorate (ED) may grill Jaggi brothers of Gensol Engineering for Mahadev link. The ED is preparing to question Gensol Engineering promoters, Anmol and Puneet Singh Jaggi, in connection with the ongoing investigation in the Mahadev Book app - illegal betting and money laundering case.
In this regard, the BSE has sought clarification from Gensol Engineering regarding the latest news update. The reply is awaited.
In a separate development, market regulator Securities and Exchange Board of India (Sebi) barred Gensol Engineering's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, last week, from the securities market for various violations.
According to news reports, the government is also considering initiating a probe by the Serious Fraud Investigation Office (SFIO) against Gensol and its promoters. The Ministry of Corporate Affairs (MCA) is conducting due diligence in the alleged fund diversion case involving Gensol Engineering, through the offices of the Director General (DG) and the Registrar of Companies (RoC), Business Standard reported.
About Gensol Engineering
Gensol Engineering operates in the renewable energy sector, specialising in solar power engineering, procurement, and construction (EPC) services, as well as innovative electric mobility solutions.
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