Suzlon Energy drops 18.76% in two days

Suzlon Energy was locked at 10% lower circuit at Rs 18.40 at 11:58 IST on BSE, with the stock extending Friday's slide.

Meanwhile, the S&P BSE Sensex was down 110.93 points or 0.41% at 26,979.49

On BSE, so far 4.53 lakh shares were traded in the counter with pending sell orders of 3.40 crore shares at lower circuit. The stock has an average daily volume of 22.03 lakh shares in the past one quarter.

The stock opened with a downward gap, falling by the maximum 10% daily circuit and remained locked at the 5% level at Rs 18.40 so far in the day. The stock had hit a 52-week low of Rs 6.25 on 23 September 2013. The stock had hit a 52-week high of Rs 36.80 on 12 June 2014.

The stock had underperformed the market over the past one month till 19 September 2014, falling 10.33% compared with the Sensex's 2.53% rise. The scrip also underperformed the market in past one quarter, sliding 26.35% as against the Sensex's 7.49% rise.

The mid-cap wind turbine manufacturer has equity capital of Rs 611.02 crore. Face value per share is Rs 2.

Shares of Suzlon Energy declined by maximum permissible level of 10% to settle at Rs 20.40 on Friday, 19 September 2014 as fresh shares allotted on conversion of foreign currency convertible bonds of the company were admitted to trading on that day. The stock has dropped 18.76% in two days from recent high of Rs 22.65 on 18 September 2014.

Suzlon Energy had allotted 27.03 crore equity shares of Rs 2 each allotted at a price of Rs 15.46 per share pursuant to conversion of foreign currency convertible bonds (FCCBs) of the company.

Suzlon Energy reported a consolidated net loss of Rs 750.74 crore in Q1 June 2014, lower than net loss of Rs 1058.90 crore in Q1 June 2013. Net sales rose 20.6% to Rs 4643.01 crore in Q1 June 2014 over Q1 June 2013.

The Suzlon Group is ranked as the world's fifth largest wind turbine supplier, in terms of cumulative installed capacity and market share, at the end of 2013. The company's global spread extends across Asia, Australia, Europe, Africa and North and South America with over 24,000 MW of wind energy capacity installed, operations across over 31 countries and a workforce of over 10,000. The Group -headquartered at Suzlon One Earth in Pune, India -comprises Suzlon Energy and its subsidiaries, including Senvion SE.

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