Suzlon shares fell by nearly 5 percent on October 3 after the company received advisory warnings from the NSE and BSE for non-compliance with SEBI regulations. The stock hit an intraday low of Rs 76.06 on the NSE, marking a decline of 4.61 percent. Suzlon has been on a six-day losing streak, dropping 8.71 percent over this period.
The warnings covered events on the resignation of Independent Director Marc Desaedeleer and, secondly, a violation on announcement regarding an analyst and investor call held June 2024. Suzlon has assured that these will not record the performance of financial or operations.
Though it has slumped of late, Suzlon has given multibagger returns as it soared 181.89 percent in the last one year. In recent times, Morgan Stanley had downgraded Suzlon’s rating to “equal weight” but increased its target price to Rs 88 per share, implying an upside of 8 percent.
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Source: Moneycontrol
News Desk
