Suzlon Energy tanks 34%; m-cap goes down by Rs 1,458 crore

Suzlon Energy tanks 34%; m-cap goes down by Rs 1,458 crore Mumbai: Shares of Suzlon Energy on Thursday tanked nearly 34 percent, wiping off Rs 1,458 crore from its market value, as its promoters offloaded 6.19 percent stake in the company for Rs 240.40 crore.

After falling over 44 percent to Rs 13.55, its record low in intra-day trade, the stock finally ended at Rs 16.05, down 33.81 percent on the BSE.

At NSE also, the scrip crashed 29.48 percent to Rs 17.10.

Following the sharp decline, the market capitalisation of the wind energy major got eroded by Rs 1,458 crore to Rs 2,852 crore.

The promoters have sold approximately 11 crore shares or 6.19 percent of the paid-up capital for a total sum of Rs 240.40 crore, Suzlon said in a regulatory filing to the exchanges.

Following this sale, the promoter group's holding in the company stands reduced to approximately 44.46 percent of the paid-up capital.

Paid-up capital is the amount of a company's capital that has been funded by shareholders.

"Part of the funds so raised would be infused into the company by suitable mode at the earliest, subject to applicable law to comply with equity infusion requirement under CDR mechanism, which in current liquidity situation would support the operations of the company," it said.