Suzlon Energy stock plunges more than 24% on debt default rumours

The company's debt burden has been a concern, both with the analysts and rating agencies.

The stock of renewable power solutions provider Suzlon Energy plunged more than 24 per cent on Tuesday on debt default rumours. This forced the management to issue a statement denying any debt default or invocation of pledged promoter shares. 

The share closed at Rs 3.60 on Tuesday, 24 per cent lower from its opening value at Rs 4.8 per share. It fell to an intraday low of Rs 2.7 a share. However, the firm’s clarification helped the share price  recover before the session ended. 

“We wish to clarify the company is regular in servicing its debt obligations, including servicing obligations towards banks