Shares of Suzlon Energy plunged sharply on Wednesday, extending their fall for the second straight session amid heavy volumes. The stock crashed 14.06 per cent to hit an intraday low of Rs 9.90 over its previous close of Rs 11.52. The scrip finally settled 11.37 per cent lower at Rs 10.21 on BSE.
A total of 10.86 crore shares changed hands on BSE today with a turnover of Rs 116.63 crore. The company’s market capitalisation or m-cap stood at Rs 10,284.62 crore.
At today’s closing level of Rs 10.21, Suzlon Energy has lost 16.24 per cent compared to its one-year high of Rs 12.19, hit in the previous session.┬аThat said, the stock has ascended by 88.03 per cent from its 52-week low of Rs 5.43, hit in July this year.
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The stock has fallen 8.18 per cent in the previous five sessions. On a year-to-date (YTD) basis, it has moved 2.72 per cent higher.
Independent Analyst Manish Shah said, “The issue with the Suzlon Energy stock is that, historically, its share price has never seen a dependable bull run and a rally tends to fizzle out after seeing a short period of gains.”
Shah advised traders to keep a stop loss below Rs 8 and hold for 3-6 months.
Pravesh Gour, Senior Technical Analyst at Swastika Investmart, said, “On the downside, at any correction, Rs 8 is major support, while Rs 7.25 is the next critical support level.”
Meanwhile, Indian equity benchmarks slumped today, dragged by selling pressure in bank, financial, automobile, metal, consumer and energy stocks. The 30-share BSE Sensex tanked 635 points or 1.03 per cent to close at 61,067, while the broader NSE Nifty moved 186 points or 1.01 per cent down to finish at 18,199.
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