Suzlon‘s share price slumped over 5% on Thursday to hit an intraday low of ₹11.10.
What Happened: The slump today comes just a day after the stock surged up over 10% on Wednesday after the energy company reported a profit of ₹320 crore in the March quarter against a loss of ₹193 crore in the same quarter last year. However, the company’s revenue from operations went down 31.54% year-over-year to ₹1,694.1 crore.
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It is not immediately clear what’s behind the slump today, but profit-taking can be a reason. Shares of the company have surged up close to 40% in the past month. Prior to today, Suzlon’s share price was on a four-day gaining streak.
The surge in the Suzlon share price this past month was backed by the company bagging several new contracts. The renewable energy firm was also said to be in talks with Deutsche Bank to borrow $350 million (₹2,896.47) from the offshore market.
Price Action: Suzlon’s share price was down 3.83% to trade at ₹11.30 in the early hours of trading on Thursday.
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