Suzlon shares tumble over 24 pc amid concerns over its financial position

Shares of Suzlon Energy dived over 24 per cent Tuesday amid concerns over its financial position.

The company's shares tumbled 23.26 per cent to close at Rs 3.63 on BSE. During the day, it sank 42.91 per cent to Rs 2.70 -- its 52-week low.

At NSE, shares plummeted 24.21 per cent to close at Rs 3.60.

Its market valuation too fell by Rs 584.92 crore to Rs 1,931.08 crore on BSE.

On the traded volume front, 197.67 lakh shares changed hands at BSE and more than 18 crore shares on NSE.

Suzlon in a clarification to BSE said Tuesday, "in response to certain media queries, we wish to further clarify that none of the shares of the promoters held in the company have been invoked.

"Further, the promoters' shareholding in the company has been pledged for collaterally securing the obligations of the lenders of the company and not towards securing promoters' personal borrowings. And the said pledge too is not mark-to-market."
In a separate clarification to BSE, Suzlon said, "we wish to clarify that the company is regular in servicing its debt obligations including servicing obligations towards banks and others for January 2019."