Suzlon’s share price crashed over 5% in early trade on Thursday to hit an intraday low of 13.40.
What Happened: The stock has been on an impressive rally this past month. Suzlon’s share price has climbed up over 60% this month backed by several new orders and strong Q4 numbers. Just yesterday, the stock surged over 18% to hit a new 52-week high of ₹14.60.
Do Not Miss: When Will Tata Power Share Price Go Up?
Today’s slump comes as the stock was put under the short-term Additional Surveillance Measure (ASM) framework. A company is put under the ASM framework by the exchanges to indicate to investors that a stock is seeing unusual and extreme volatility. The price band for the stock was also revised to 10% from 20%. The move seems to have halted the stock’s bull run today.
Several other stocks have also been put under the framework when they experienced volatility. The most notable recent example of this is the Adani Group stocks that were put under the framework after the Hindenburg report came out. However, several group stocks have now been moved out of the framework.
Price Action: Suzlon’s share price was down 3.11% to trade at ₹14 shortly after the markets opened on Thursday.
Read Next: Why Mazdock Shares Are Soaring Today
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.