Stocks

Suzlon Energy falls after company defaults on bond payment

Reuters Mumbai | Updated on July 17, 2019 Published on July 17, 2019

File photo   -  Bloomberg

Fell as much as 8.6 per cent

Shares of Suzlon Energy Limited fell as much as 8.6 per cent to Rs 4.35, marking their biggest intraday percentage loss since June 28.

The debt-laden wind power equipment maker defaulted on a $172 million bond payment on Tuesday. Sources said that the company was in talks with several global private equity funds to sell a majority stake.

Earlier, it was reported that Canadian company Brookfield Asset Management Inc planned an offer for a majority stake in Suzlon and was talking to the firm's creditors to restructure its outstanding bank loans.

Read: Choppy winds: Suzlon defaults on ₹1,169-crore bond payment

About 2.9 million shares change hands in early trade.

Up to the last close, Suzlon shares were down 14 per cent this year.

Published on July 17, 2019
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