Shares in Suzlon Energy fell by their maximum daily limit for second consecutive day on Monday. In last two trading sessions Suzlon Energy shares have fallen over 20 per cent.
Shares in Suzlon Energy fell by their maximum daily limit for second consecutive day on Monday. In last two trading sessions Suzlon Energy shares have fallen over 20 per cent.
The sharp selloff was triggered on Friday, when the shares allotted by the company to foreign currency convertible bond holders got listed on the exchange on September 19, 2014.
Suzlon Energy had issued 270 million equity shares at Rs 15.46 per share to FCCB holders under a restructuring arrangement.
According to the arrangement, FCCBs issued earlier - including unpaid interest and default interest - were converted into equity shares. The conversion of FCCBs to equity shares resulted in dilution of promoter holding from 37.81 per cent to 34.46 per cent.
Analysts say new shareholders have been selling their shares in the open market because the issue price was substantially less than current market price.
As of 10.32 a.m. shares in Suzlon Energy were locked in lower circuit at Rs 18.35 on National Stock Exchange.
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