Shares of Suzlon Energy are in focus on Tuesday after the renewable energy firm said its subsidiary, Suzlon Global Services Ltd, has been fined Rs 20,000 by the Tamil Nadu GST Department. The penalty, imposed under Section 125 of the CGST and TNGST Act, 2017, is for a minor inadvertent error in the GSTR-1 filing for the 2019-20 period.
The company stated that this fine does not materially affect its financials, operations, or other functions.
Suzlon Energy shares ended 2.69% lower at Rs 73.79 on Monday. Market cap of the stock stood at Rs 1 lakh crore. The stock clocked a turnover of Rs 43.72 crore as 59.38 lakh shares changed hands on BSE in the previous session.
Suzlon Energy shares have delivered 195.40% returns in a year and gained 812% in two years. However, the multibagger has run out of steam falling 8.63% in the last two weeks.
Suzlon Energy stock slipped to a 52-week low of Rs 21.71 on September 13, 2023 and rose to a 52 week high of Rs 84.40 on August 13, 2024 on BSE. Suzlon Energy shares have a beta of 0.8, indicating low volatility in a year.
Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.