The share price of Suzlon Energy, wind turbine major, were dragged as much as 10% after the company defaulted on repayment of principal as well as interest amount on loans taken from banks and financial institutions totaling to as much as Rs 7,256.38 crore. The lenders to the company include SBI led consortium of 18 banks and Indian Renewable Energy Development Agency.
When segregating, principal of Rs 6,717.44 crore and Rs Rs 538.94 crore interests accrued thereon.
In July, Suzlon Energy defaulted on a payment of $172 million worth of principal amount related to outstanding bonds. The outstanding principal amount of $172 million was part of a bond issue of $546.91 million.
Last the shares of Suzlon Energy quoted lower by 3.24 -0.36 or down 10.00%.