Suzlon shares were down 5% on Monday, extending losses for the eighth straight session. In the past five sessions alone, the company has lost over 12%.

What Happened: The multi-bagger stock has been on a downward spree since September 25, when it ended 0.99% lower in the bourses. On October 3, the shares of the company dived 5% after Suzlon was served with an advisory cum warning letter by the exchanges for violations of listing regulations.

The NSE and BSE sent out letters on September 30 and October 1, 2024, respectively, in accordance with the Securities and Exchange Board of India's disclosure requirements. The letters highlighted specific non-compliance issues involving Suzlon, including the resignation of Marc Desaedeleer as an independent director and the failure to promptly inform the exchanges about an analyst call that took place in June.

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In July, the company received a similar warning letter from NSE concerning a disclosure made by the company in November 2023.

In the past month, the company has shed 4.59%, ending in the red in thirteen trading sessions out of a total of twenty. On the flip side, on a year-to-date basis, the company has seen its shares rise by 84% and have sky-rocketed by 156% in the past year.

Last week, Nuvama Alternative Research suggested that the Association of Mutual Funds in India (AMFI) may reclassify Suzlon Energy as a large-cap stock starting February 2025. Currently categorised as a mid-cap stock with a threshold of ₹27,500 crore, the company is anticipated to reach the updated large-cap cut-off, which is expected to increase to approximately ₹1 lakh crore from the current ₹84,000 crore, according to the brokerage. Suzlon’s current market cap stands at nearly ₹97,000 crore.

Price Action: Suzlon’s shares were down 5.01% to ₹70.93 on Monday afternoon.

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