Suzlon Energy shares fell nearly 43 percent in the afternoon trade following concerns about the company's debt obligations. Suzlon Energy Group CEO JP Chalasani told CNBC-TV18 that rumours about the company's debt default are baseless.
"As far as the debt servicing is concerned since May 2015, almost for the 4 years, we have been servicing every single rupee on time, never even defaulted by one day including as late as January we completed all our obligations. So there is absolutely no issue of any defaults. We have been consistent and we will continue to be consistent,” said Chalasani.
After trading marginally lower most part of the day, the stock fell as much as 42.9 percent to Rs 2.70 per shares on BSE. On the NSE, the Suzlon Energy stock hit a low of Rs 2.75 per share, down 41 percent from its previous close.
At 1.53 PM, Suzlon Energy shares traded 27.27 percent down at Rs 3.44 per share on the BSE, and 28.42 percent lower at Rs 3.40 per share on the NSE. During the day, over 99 million shares changed hands.
The BSE Sensex was up 0.37 percent at 36,717.59 points, while the Nifty 50 traded 0.36 percent up at 10,951.05 points.