Suzlon Energy shares hit 5% lower circuit limit; stock tanks 12% in 3 days

Shares of Suzlon Energy Ltd hit their lower circuit limit from the second straight session, extending the recent fall to the third day in a row. Shares of Suzlon Energy were locked at 5 per cent lower circuit limit of Rs 37.32 on BSE. This was in addition to a 5 per cent fall on Tuesday. With the latest drop, the Suzlon Energy stock is down 12 per cent in three sessions.

Suzlon Energy had its Investors' Meet on Tuesday. The event was organised by JM Financial Institutional Securities Limited. Ahead of the meet, Suzlon Energy had said: " Please note that the Company’s IR presentation on the financials for the quarter and half-year ended 30th September 2023, as available on the website of the Company as well as on the website of the stock exchanges, would only be presented/discussed. And no other unpublished price sensitive information would be shared during the said meeting."

The recent fall on the counter is seen following a 17 per cent rise in the last one month. In a recent interview with Business Today TV, Suzlon CFO Himanshu Mody suggested that key issues relating the firm were behind it. He suggested that Suzlon's focus was on delivering performance, keeping cost under control and enhancing margins.

The Suzlon Energy CFO said the company's September quarter profit was boosted by the fact that Suzlon Energy had become debt free following a successful qualified institutional placement (QIP) in August and, as a results, its finance cost fell drastically for the quarter.

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