Siemens Energy India shares fall as firm clarifies on Blue portfolio

Shares of Siemens Energy India Ltd fell on Wednesday after rising for two straight sessions as the company issued a clarification on a media report that suggested the company had advanced cleaner high-voltage grid infrastructure with its Blue portfolio. Following an explanation sought by stock exchanges, Siemens Energy India said its Blue portfolio, which comprises different high-voltage products used in a substation using clean air as insulation medium instead of SF6, did not involve any undisclosed negotiations or material event requiring exchange disclosure.

Siemens Energy India said the information in the report had already been made public through a press release on its website on September 7.

Siemens Energy India shares were trading at Rs 3,181.15 on Wednesday, down 0.61 per cent from their previous close of Rs 3,200.80. The stock opened at Rs 3,210.50 and hit a high of Rs 3,235 and a low of Rs 3,176.30 during the session.

The company said the press release related to its Blue portfolio, which comprises technological offerings and capabilities for cleaner and more environmentally sustainable high-voltage grid infrastructure solutions. It added that it was not engaged in negotiations of the nature referred to in the exchange's query.

Shares of Siemens Energy India had gained 0.25 per cent on September 7 and 2.51 per cent on September 8, before turning lower on Wednesday.

In response to another query on whether it was aware of any information not disclosed to the exchanges that could explain the movement in its shares, the company said it discloses events and information to stock exchanges as required under regulations. It added that it "cannot comment upon changes in volume / price of its scrip."

Siemens Energy India also clarified that the news report did not relate to any regulatory or legal proceedings involving the company. It said the September 7 press release was intended to inform stakeholders and the public and did not involve any material event requiring disclosure to the stock exchanges.