Suzlon slumps as promoter sells stake

Shares of wind turbine-maker Suzlon Energy plummeted to all-time lows on the BSE and NSE on Friday after one of the company's promoter groups, Samanvaya Holdings, sold a 2.08 per cent stake in the firm for Rs 100.45 crore.

Suzlon's scrip , which opened on a sluggish note, tumbled by by 8.78 per cent to a lifetime low of Rs 23.35 on the BSE in early trade, while on the NSE, the stock plunged by 9.16 per cent to a record low of Rs 23.30.

"Samanvaya Holdings has sold 3.7 crore shares, representing a 2.08 per cent stake in the wind-turbine maker, for Rs 100.45 crore through an open market transaction," Suzlon Energy had said in a disclosure to the BSE.

Post the sale of shares, Samanvaya Holdings's stake in Suzlon Energy has fallen to 1.86 per cent from 3.94 per cent previously, the disclosure added.