Suzlon tanks 44% as promoters sell some stake for CDR

Suzlon Energy , one of the world's largest wind turbine suppliers, fell as much as 44 percent intraday to touch a new 52-week low of Rs 13.55 on Thursday after promoters raised funds for corporate debt restructuring (CDR) via stake sale.

Promoters sold 10.995 crore equity shares, representing 6.19 percent stake for total consideration of approximately Rs 240.4 crore.

"Part of the funds would be infused into the company under CDR mechanism and balance funds would be utilised to release pledged shares by repayment of loans taken by promoters," the company said in its release sent to exchanges.

After this stake sale, promoters' holding in the company stands reduced to approximately 44.46 percent.

At 15:09 hours IST, shares dropped 40.62 percent to Rs 14.40 amid large volumes on Bombay Stock Exchange.

Trading volumes increased more than 21 times to 15,11,26,341 equity shares as against five-day average of 72,35,813 shares.

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