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Suzlon Energy touches a life-time low
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The scrip of Suzlon Energy touched a life-time low on the Bombay Stock Exchange (BSE) after one of its founder group firms, Samanvaya Holdings on Thursday, November 17, 2011 sold 2.08% stake in Suzlon Energy.
The stake was sold in a block deal in the open market.
The news triggered the stock holders, following which the scrip dived down on the bourses.
On BSE, the stock fell 9.77% or 2.50 points to Rs 23.10.
The similar trend was seen on the National Stock Exchange (NSE), the stock slid 10.14% to Rs 23.05.
With this, the overall stake of Samanvaya Holdings in Suzlon Energy decreased to 52.76% from previous 54.84%.
The proceeds from the stock sale will be used to invest in the promoter owned business by supporting Suzlon Energy directly or indirectly, Samanvaya Holdings said.
Suzlon Energy is a global wind power company and in terms of market share, the company is the fifth largest wind turbine manufacturer in Asia.
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Story first published: Friday, November 18, 2011, 12:03 [IST]