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The stock of the country's largest wind energy company Suzlon Energy Ltd has fallen sharply. On Thursday, the stock opened at Rs 76.74 against the closing price of Rs 79.74. After this, the stock has come down to Rs 76. At the same time, the lower circuit on the stock will be at 75.75. Experts say that the main reason for the pressure on the stock is the warning letter.
Why did the stock fall? Experts say that the company has received a notice from the Securities and Exchange Board of India (SEBI) on NSE and BSE.
This notice has been sent due to not fulfilling the disclosure rules on time. This notice has been sent by different exchanges on 30 September and 1 October. It was said in the notice that the company failed to inform the exchanges on time about the resignation of Independent Director Mark Desdalier and the analyst call held in June. The exchange says that information about the analyst meeting has to be given at least two days in advance. But the company had informed about the analyst call of 9 June 2024 on the same day i.e. 9 June 2024. Whereas it happens two days earlier. The exchange has clearly stated in the warning letter that if this happens in future, strict action will be taken against the company. There is a need to take immediate action on this.
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