Suzlon Energy hit an upper circuit limit of 10% at Rs 9.15 at 11:59 IST on BSE on bargain hunting after the stock tumbled 18.19% in the preceding six trading sessions to Rs 8.32 on 13 November 2013 from a recent high of Rs 10.17 on 5 November 2013.
Meanwhile, the BSE Sensex was up 356.09 points, or 1.76%, to 20,550.49.
On BSE, 18.55 lakh shares were traded in the counter compared with average volume of 22.11 lakh shares in the past one quarter.
The stock hit a low of Rs 8.29 so far during the day. The stock hit a 52-week high of Rs 26.90 on 6 February 2013. The stock hit a 52-week low of Rs 5.72 on 28 August 2013.
The stock had outperformed the market over the past one month till 13 November 2013, rising 19.37% compared with the Sensex's 1.63% fall. The scrip had also outperformed the market in past one quarter, gaining 18.18% as against Sensex's 5.02% rise.
The small-cap company has an equity capital of Rs 432.43 crore. Face value per share is Rs 2.
The recent selling in the stock was triggered by the company's weak Q2 September 2013 results announced after market hours on 30 October 2013.
Suzlon Energy reported a net loss of Rs 782.37 crore in Q2 September 2013 compared with a net loss of Rs 807.74 crore in Q2 September 2012. Total income fell 16.66% to Rs 4820.54 crore in Q2 September 2013 over Q2 September 2012.
The company said one time group-wide restructuring costs, under project transformation, stood at Rs 67 crore, and losses due to unfavourable currency fluctuations added Rs 70 crore in Q2 September 2013.
The consolidated group orderbook stood at 5.1 gigawatts (GW), approximately Rs 43834 crore, with an intake of 395 megawatts (MW) over Q2 September 2013.
Suzlon Group completed the divestment of 75% stake in its China manufacturing subsidiary for $28 million. The joint venture model serves a dual strategy by allowing the company to migrate to an asset light model in China, while maintaining a presence in this important market, the company said in a statement.
The Suzlon Group is ranked as the world's fifth largest wind turbine supplier, in terms of cumulative installed capacity and marketshare, at the end of 2012. The company's global spread extends across Asia, Australia, Europe, Africa and North and South America with over 22,500 MW of wind energy capacity installed, operations across over 30 countries.
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