Suzlon Energy shares hit record low on Q1 loss
Mumbai: Shares of wind turbine maker Suzlon Energy on Tuesday plunged as much as 9 percent to a record low as the company reported standalone net loss of Rs 696.64 crore for the first quarter ended June 30.
Suzlon stock opened weak and further lost 9 percent to touch a record low of Rs 16.10 at the NSE.
At the BSE, the scrip tumbled 7.62 percent to an all- time low of Rs 16.35.
The company yesterday reported Q1 loss on account of lower volumes, adverse market mix, high interest burden and notional forex losses.
In the same quarter last fiscal, the company had reported net profit of Rs 137.83 crore.
The company's standalone revenues also declined 59.36 percent to Rs 596.91 crore, compared to Rs 1,469.07 crore in the same quarter last year.