Suzlon Energy Tanks Over 14% After Founder Tulsi Tanti's Death

Shares of Suzlon Energy Ltd. slumped as much as 14% after the company's founder died due to a cardiac arrest late on Saturday.

Tulsi Tanti, chairman and managing director at the wind turbine maker, “suffered a cardiac arrest and passed away the same day”, the company said in an exchange filing.

Tanti complained of chest pain in his car in Pune after returning from a press conference in Ahmedabad, said close friend Manu Pambhar told PTI. He asked the driver to take him to a hospital but died before getting any medical help, Pambhar said.

The stock slumped even as Suzlon Energy, on Monday, reconfirmed the promoter's and promoter group's intent to subscribe to the full extent of their rights entitlement. "Accordingly, the company will continue to follow the schedule for the proposed rights issue set out in its letter of offer dated Sept. 28," it said in a fresh exchange filing.

The company had earlier fixed Oct. 4 as the record date for the purpose of determining the shareholders eligible to receive rights entitlements in the issue.

Shares of the company fell 14.25%, the most in at least a year, to Rs 7.46 apiece on the NSE. The stock rebounded and closed only 1.1% lower on Monday.