Suzlon Energy share price hits 5% lower circuit for second straight day, down about 12% in 3 days
Suzlon Energy share price hit its 5 per cent lower circuit of ₹37.32 in early trade on BSE on Wednesday, November 22.
Suzlon Energy share price continued witnessing selling pressure for the third consecutive session and hit its 5 per cent lower circuit for the second consecutive session. The stock hit its 5 per cent lower circuit of ₹37.32 on BSE on Wednesday, November 22. Suzlon Energy share price opened at ₹38.12 against the previous close of ₹39.28 and soon fell 5 per cent to ₹37.32. In three sessions, the stock has lost about 12 per cent.
After sharp gains in the last few months, Suzlon Energy share price is witnessing profit booking now. Suzlon Energy share price hit its 52-week low of ₹6.96 on March 28 this year. In about eight months, the stock has surged nearly six times or about 464 per cent.
Suzlon Energy stock hit its 52-week high of ₹44 on November 17 this year.
Suzlon Energy share price gained nearly 28 per cent in November this year after the news of its potential inclusion in AMFI's midcap category during the January reshuffle. Another factor contributing to last week's rally was the anticipation of Suzlon Energy being added to the MSCI Global Standard Index in the upcoming reshuffling on November 15. The renewable energy stock was officially incorporated into the index last week.
Also Read: Suzlon Energy share price hits 5% lower circuit; time to book profit? Here's what experts say
Moreover, Suzlon Energy posted a 45 per cent year-on-year (YoY) jump in their net profits to ₹102 crore in Q2FY24. However, the revenue of the company declined marginally to ₹1,417 crore in Q2FY24 from ₹1,430 crore during the same period last year. The numbers of Suzlon Energy remained positive despite an exceptional loss of ₹35 crore during the quarter ending September 2023.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced a significant 32.6 per cent increase, reaching ₹225 crore compared to ₹169.7 crore in the previous year. The EBITDA margin also witnessed a significant increase rising to 15.9 per cent from 11.9 per cent during the same quarter last fiscal.
Also Read: Suzlon Energy Q2 Results: Net profit jumps 45% YoY to ₹102 crore, revenue drops marginally
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