Suzlon share price slipped deep into red in trade on October 3 after the renewable energy solutions provider received advisory warning from NSE and BSE for non-compliance with SEBI regulations.
In October 3 trade, Suzlon stock fell 4.61 percent to its intraday low of Rs 76.06 per share on the NSE. Suzlon shares have been on a decline in the last six days and have fallen 8.71 percent in the period.
The counter had opened gap down with a loss of 3.76 percent today and continued its downtrend. At the time of publishing, the stock was trading at Rs 76.26 apiece on the NSE, down 4.36 percent.
Suzlon has delivered multibagger returns to its shareholders, rising 181.89 percent in the last one year. In 2024 so far, the stock advanced 98.15 percent, according to the data available on the BSE.
The company received an advisory and warning letter from both the BSE and NSE for not complying with SEBI's Listing Obligations and Disclosure Requirements (LODR). The warnings were issued after the company’s handling of the disclosure regarding the resignation of Independent Director Marc Desaedeleer.
The exchanges also pointed out another violation related to an analyst and investor call held on June 9, 2024. As per SEBI rules, companies are required to inform stock exchanges about such events at least two working days in advance. However, the company organised the call on short notice to address concerns following the director’s resignation.
Suzlon has assured that these issues will not affect its financial or operational performance.
Recently, the global brokerage Morgan Stanley downgraded the stock to 'equalweight' from its earlier rating of 'overweight.' However, the international brokerage raised its price target on the wind energy solutions provider stock to Rs 88 per share from Rs 73 earlier, implying an upside of 8 percent from Thursday's closing price.
Pune-based Suzlon Group is one of the leading renewable energy solutions providers in the world with 20.8 GW of wind energy capacity installed across 17 countries.
Its profit after tax (PAT) went up almost three-fold to Rs 302 crore in the June quarter, on the back of higher revenues.
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