Suzlon shares plunge 34 percent after promoters sell partial stake

MUMBAI (Reuters) - Shares of Suzlon Energy fell as much as 45 percent after its promoters sold 6.19 percent stake in the company in the open market, several dealers said.

Earlier in the day, Suzlon said the promoters of the company sold about 110 million shares for 2.4 billion rupees, to comply with the corporate debt restructuring process of the company.

In January, Suzlon said lenders to the company have approved the Indian wind turbine maker's corporate debt restructuring plan for $1.8 billion.

Shares of the company fell 34 percent to close at 16 rupees. They earlier touched a low of 13.35 rupees.

 

(Reporting by Indulal PM; Editing by Anand Basu)