Shares of Suzlon were down 6% on Monday morning. The fall today comes as one of the company’s senior executives stepped down last week.

What Happened: Ishwar Chand Mangal, the company's CEO of new business resigned from the company on November 8, Friday. Mangal has been with the company for 28 years and has joined the company as a founding employee since FY95-96. 

In his resignation letter, Mandal mentioned that he looked forward to exploring new opportunities and challenges outside.

Suzlon Energy's shares have fallen almost 20% since the last month. The company's strong Q2 results and record order book have not helped ease the pressure on the stock. In its Q2 results, the company's net profit jumped 97% from the previous year to ₹200.2 crore. 

See Also: NHPC Shares Continue Slump After Q2 Print, Analysts Remain Cautious

Its revenue from operations gained 48% year on year to ₹2093 crore. The company's order book was at an all‐time high of 5.1 gigawatts. This includes India's largest wind order energy from NTPC which consists of 370 wind turbine generators at three projects in Gujarat, making up 1,166 megawatts. 

In October, the company had also signed a 400-megawatt captive wind power deal with Jindal Renewables Power Private. The project will utilise the generated electricity for captive consumption in steel plants in Chhattisgarh and Odisha. 

Price Action: Shares of Suzlon fell 6.3% to an intraday low of ₹58.56 on Monday morning.

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