Shares of Suzlon Energy tanked as much as 24.47 per cent to Rs 3.95 intra-day during the afternoon deals on the BSE on Monday after reports suggested that the electrical equipment manufacturer could not crack a deal with Danish firm, Vestas Wind Energy, for stake sale.
At 1:45 pm, the stock was quoting Rs 4.43 per share, down 15.13 per cent, against a 0.3 per cent rise in the benchmark S&P BSE Sensex. The S&P BSE500, on the other hand, was up 0.2 per cent. Suzlon Energy is one of the constituents of the index.
According to a report by TV channel, CNBC TV-18, the deal beween Pune-based wind turbine manufacturer and Vestas Wind Systems hit a roadblock due to a potential “valuation mismatch”. Vestas’ offer to buy promoter Tulsi Tanti and investor Dilip Shanghvi’s stake for one billion euros expired on June 3 with no response from Suzlon.
