Mumbai, Feb 21 (IANS) Shares of Suzlon Energy continued to remain under pressure with the stock falling nearly 50 per cent of its recent peak of Rs 86 per share.
The stock was last seen around this level in May 2024 — reflecting cautious investor sentiment toward the counter that had earlier witnessed a strong rally between 2020 and 2024.
On Friday, the company’s shares closed at Rs 44.38, down Rs 0.87 or 1.92 per cent, according to the official data.
Over the last five days, the shares have declined by Rs 1.15 or 2.53 per cent. In the past one month, the stock has also fallen by Rs 1.15 or 2.53 per cent.
In the last six months, the shares have dropped by Rs 13.78 or 23.69 per cent. On a year-to-date basis, the stock has declined by Rs 8.09 or 15.42 per cent.
Over the past one year, the shares have fallen by Rs 10.79 or 19.56 per cent, the data showed.
Suzlon Energy, which has a large base of retail shareholders, began its downward trend in September.
What started as a mild decline soon turned into a prolonged correction. From its recent peak of Rs 86 per share, the stock has now lost nearly 50 per cent of its value, eroding significant investor wealth.
The fall comes even though the wind energy company’s December quarter results were broadly in line with Street estimates.
Analysts said that, similar to other utility companies, Suzlon is facing challenges in scaling up project commissioning.
Issues related to land acquisition, right of way (RoW), and grid connectivity are affecting the pace of execution.
For the September-ending quarter, the company reported revenue of Rs 4,228 crore, up from Rs 2,969 crore in the same period last year.
The growth was driven by higher deliveries of 617 megawatts (MW). Net profit rose 15 per cent year-on-year to Rs 445 crore.
However, profitability was partly impacted by a deferred tax charge of Rs 119.17 crore.
–IANS
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