Surana Solar extends recent sharp slide

Surana Solar was locked at 10% lower circuit at Rs 32.25 at 10:54 IST on BSE, with the stock extending its recent sharp slide.

Meanwhile, the S&P BSE Sensex was up 57.71 points or 0.22% at 26,428.69.

On BSE, so far 13,000 shares were traded in the counter as against average daily volume of 2.59 lakh shares in the past two weeks.

The stock opened with a downward gap, falling by the maximum permissible level of 10% and remained locked at 10% level at Rs 32.25 so far during the day. The stock had hit a 52-week low of Rs 11.93 on 11 June 2014. The stock had hit a record high of Rs 83.80 on 12 February 2015.

Shares of Surana Solar have slumped 39.2% in three trading sessions from Rs 53.05 on 9 June 2015.

Shares of Surana Solar had slumped by its maximum permissible level of 20% to settle at Rs 35.80 yesterday, 11 June 2015. It had fallen 15.65% to settle at Rs 44.75 on 10 June 2015. In intraday trade, the stock had rallied 18.94% at the day's high of Rs 63.10 on 10 June 2015. It had fallen 19.98% at the day's low of Rs 42.45 on that day. The wild movements in the stock on 10 June 2015 materialized after dramatic developments viz. the data on the National Stock Exchange (NSE) on 9 June 2015, showed that Rakesh Jhunjhunwala bought 2.56 lakh shares of Surana Solar at an average price of Rs 53.74 per share in a bulk deal on NSE on 9 June 2015, followed by media reports that the bulk deal in the stock was not done by ace investor Rakesh Jhunjhunwala but by his namesake.

In a related development, the NSE in its circular today, 12 June 2015, said that the Securities and Exchange Board of India (Sebi) vide its email dated 11 June 2015, advised the stock exchanges to stop payout in Surana Solar scrip for 10 June 2015 and 11 June 2015. Accordingly, the pay-out of securities and funds in respect of Surana Solar shall be withheld until further notice, the NSE said in its circular.

Surana Solar's net profit jumped 496.6% to Rs 1.73 crore on 23.2% decline in net sales to Rs 25.38 crore in Q4 March 2015 over Q4 March 2014.

Surana Solar, formerly Surana Ventures, is an India-based solar company. The company is engaged in manufacturing solar energy systems with the focus on solar photovoltaic (SPV) modules.

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