Suzlon Energy hits four month low

In past three trading sessions, the stock dipped 27% to Rs 16.55 from Rs 22.60 on listing of fresh shares.

Suzlon Energy is locked in lower circuit for third consecutive day, down 10% at Rs 16.55 on National Stock Exchange, with pending sell orders for nearly 200 million shares on the counter. The stock is currently trading at its lowest level since May 20, 2014.

In past three trading sessions, shares of the country’s largest wind power company dipped 27% from Rs 22.60 on September 18, after fresh equity shares following the conversion of the company's foreign currency convertible bonds (FCCBs) began to trade from Friday, September 19, 2014.

Suzlon Energy had issued 270 million equity shares at Rs 15.46 per share to FCCB holders under a restructuring arrangement.

FCCB is a type of convertible bond issued in a currency different than the issuer’s domestic currency.

At 1215 hours, a combined 5.77 million shares changed hands and there are pending sell orders for 200.41 million shares on BSE and NSE.