Suzlon: Little hope of recovery after recent default
MUMBAI: For Suzlon Energy Ltd, once the poster child of India’s future in renewable energy, the company now seems likes it has little hope of turning around. For a stock that listed at ₹510 back in 2005, and then doubled in price within six months, the fall in the last decade has been sharp and persistent. Now, a possible buyout by Canadian investment firm Brookfield is the only glimmer at the end of the tunnel.
On Wednesday, the stock closed at ₹4.46 apiece on the BSE.
Earlier this week, the wind turbine maker missed the deadline to pay $172 million due to foreign currency convertible bondholders. The Pune-based company led by founder Tulsi Tanti, reported consolidated net term debt of ₹7,761 crore and working capital debt of ₹3,380 crore as of March 2019.
