Suzlon Energy touches a life-time low

Stocks

oi-Monika

By Monika Nihalani

Published: Friday, November 18, 2011, 12:03 [IST]

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.

GoodReturns.in