Mumbai: Shares of Suzlon Energy slumped as much as eight percent in the morning trade on the bourses as the wind turbine major net loss for the quarter ended March 31 has widened to Rs 1,912.72 crore.
Suzlon Group's net loss for the quarter ended March 31 has widened to Rs 1,912.72 crore compared to Rs 300.24 crore in the same quarter a year ago due to non-routine costs and highly competitive global wind sector.
Reacting to the poor numbers shares of the company opened on a weak note at Rs 12.90, then fell 7.51 percent to Rs 12.06 on the BSE.
Similar movement was witnessed on the National Stock Exchange as well, where the stock opened at Rs 12.80, then lost further ground and fell 8.42 percent to Rs 11.95.
The slump in the counter was largely due to the poor earnings, besides, the broader market was also trading in the negative territory down 223 points over its previous closing price.
"This has been a very disappointing quarter. We faced both significant internal challenges on the liability management front, and externally with a highly competitive global wind sector," company's Group Head of Finance Kirti Vagadia said.
First Published: Friday, May 31, 2013, 12:59