Shares of Suzlon Energy slumped on Monday after Marc Desaedeleer, an independent director of the company, resigned after flagging corporate governance issues in the company.
"Several situations occurred where the corporate governance standards applied by the company did not meet my expectations including situations where communications lacked the level of openness and transparency I would have liked to see," Desaedeleer said in the resignation letter.
On the NSE, Suzlon's stock fell as much as 5% during the day to Rs 47.40 apiece, the lowest since May 31. It was trading 4.1% lower at Rs 47.84 per share, compared to a 0.28% advance in the benchmark Nifty at 10:34 a.m.
The share price has risen 25.21% on a year-to-date basis and 212.42% in the last 12 months. The total traded volume so far in the day stood at 1.32 times its 30-day average. The relative strength index was at 56.96.
Five analysts tracking the company have a 'buy' rating for the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18.3%.
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