Suzlon Energy tumbles 6% on concerns over looming default

Shares of Suzlon Energy declined over 5 per cent in early trade on Tuesday after reports that the company is staring at a default on redemption of its foreign currency convertible bonds (FCCBs) worth $172 million, or Rs 1,200 crore, due on Tuesday. It has told bondholders that they will have to wait until banks accept its proposed one-time settlement plan.

The scrip was trading 5.60 per cent down at Rs 4.55 at around 9.33 am (IST), while the BSE Sensex was almost flat at 38,893 at around the same time.