Suzlon shares plunge as much as 19%, post biggest drop in 3 years

Mumbai: Shares of Suzlon Energy Ltd on Wednesday fell as much as 19%, the biggest fall in three years. The stock has fallen 26.6% in the past three days post its December quarter results which were announced on 29 January.

In intraday trade, the stock touched a low of ₹ 13.75, a level last seen on 6 January 2015, and fell as much as 19.11%, the maximum since 28 February 2013. Year-to-date, the stock has fallen 28.54%, though in 2015, it had gained 41.84%.

On 29 January, the company posted a net loss of ₹ 113.17 crore as compared with a net loss of ₹ 6,538.68 crore a year ago. The total income for the company declined to ₹ 1,891.30 crore from ₹ 4,977.15 crore in the corresponding quarter of the previous fiscal.

The consolidated net loss has narrowed because of increased volume and better operating margins,” said Suzlon Group chief financial officer Kirti Vagadia.

Shares of Suzlon closed 12.35% lower at ₹ 14.90 apiece.

Shares of other power companies also fell. JSW Energy Ltd shed 6.54%, Reliance Power Ltd 6.34%, Adani Power Ltd 4.40%, GMR Infrastructure Ltd 5.27%, Bharat Heavy Electricals Ltd (Bhel) 4.86%, Tata Power Co. Ltd 3.14% and Reliance Infrastructure Ltd 3.12%.

BSE Power index fell 4.16% to 1,709.80 points, while India’s benchmark Sensex index fell 1.29% to 24,223.32 points.