<ul><li>Refex Industries has terminated its deal to acquire 2,997 electric vehicles from Gensol Engineering.</li><li>The decision was made due to evolving commitments at both ends, leading to challenges in concluding the transaction within the originally envisaged timeline.</li><li>The termination follows Gensol's credit rating downgrade and delayed debt servicing, causing a 60% decline in its shares.</li><li>BluSmart's connection with Gensol raises concerns about the future of the ride-hailing startup and its ability to raise fresh funding.</li></ul>

Fresh Trouble For BluSmart As Refex Drops Gensol’s EV Fleet Acquisition Plan

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