Surana Solar shares plunge further by 10 per cent

Shares of Surana Solar continued to trade under pressure on Friday, falling further by 10 per cent, on reports that a namesake of ace investor Rakesh Jhunjhunwala had bought shares worth Rs 2.56 lakh in the company from the open market.

The small cap company has a market capitalisation of Rs 176 crore.

Shares of the company declined 32 per cent in the previous two trading sessions - from Rs 53.05 on June 9 to Rs 35.8 on June 11.

According to data on the bourses, Rakesh Jhunjhunwala had bought shares worth Rs 2.56 lakh in Surana Solar on the National Stock Exchange on June 9, 2015, at an average price of Rs 53.74 apiece in a bulk deal.

But later, it came to be known that the shares were not bought by the ace investor himself, but a namesake. This triggered a sell-off in the counter.

On Friday, Surana Solar's shares dipped further by 9.92 per cent, to Rs 32.25.

The company, formerly Surana Ventures, manufactures solar energy systems with the focus on solar photovoltaic (SPV) modules.

It has a SPV modules manufacturing plant at Cherlapally, Hyderabad, and has a production capacity of 40 megawatts per annum.