Shares of Suzlon Energy tanked 5 per cent to hit the lower circuit on Thursday following the receipt of advisory cum warning letters from the National Stock Exchange (NSE) and BSE.
The letter pertains to Suzlon’s disclosure made on June 8, 2024, regarding the resignation of Marc Desaedeleer as independent director, to which the letter read that “the corporate governance standards applied by the company did not meet the expectations including situations were communications lacked the level of openness and transparency.”
“The disclosure for resignation letter of the independent director did not have any confirmation for the material reason.”
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“Also, the details related to names of listed entities in which the resigning director holds directorships, indicating the category of directorship and membership of board committees, if any, was not provided in the said disclosure,” it added.
Suzlon held an analyst’s call on June 9, 2024, following the resignation, which was disclosed to the exchanges on the same day.
“The listed entity shall inform schedule of analysts or institutional investors meet at least two working days in advance (excluding the date of intimation and date of meet),” the warning letter cited.
Suzlon shares closed at its lower circuit on the NSE and BSE at ₹75.75 each.