Suzlon shares slump after company misses convertible bond payment

Suzlon Energy Ltd., which became India’s biggest convertible-note defaulter in 2012, slumped in Mumbai after missing payments on dollar-denominated convertibles due Tuesday.

Shares of Suzlon, the stressed wind-turbine maker, fell as much as 8.6% in trading on Wednesday after missing a July 16 deadline to repay $172 million outstanding on the securities. While an earlier debt revamp helped the company’s shares surge in 2014-2015, they’ve since slumped as increased competition diluted Suzlon’s market share.

“The company is working on holistic solution for its debt and continues to be in discussions with various stakeholders in relation to its outstanding debt (including the bonds),” it said in an exchange filing Tuesday evening.