Suzlon Energy Clarifies No Trigger For Monday's Decline, Share Price Snaps Three-Day Fall

Suzlon Energy Ltd. clarified that there's no event or information which triggered the price movement in Monday's session, in an exchange filing. The scrip was locked in 5% lower circuit on Monday.

"This is to inform that a material price movement has been noticed in the scrip of Suzlon Energy Limited on 6th January 2025 at 1.45 p.m., however we could not ascertain any event or information in the mainstream media which could have triggered this," the exchange filing said.

On Monday, Suzlon Energy hit a 5% lower circuit and fell to Rs 58.06 apiece, the lowest level since November 18, 2024. It closed at the same level. The stock declined for three sessions in a row to Monday.

Suzlon Energy Ltd. shares rose 3.14% to Rs 60.70 apiece, snapping a three-day declining streak. They were trading 2.84% higher at Rs 60.52 apiece as of 12:18 p.m., compared to a 0.47% advance in the NSE Nifty 50 index.

The stock rose 42.07% in 12 months. Total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 40.33.

Out of five analysts tracking the company, three maintain a 'buy' rating, and two recommend a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 26.6%.