Recovering partially from yesterday’s steep losses, the Suzlon Energy scrip today made a smart comeback, up 18 per cent, adding Rs 516 crore to its market value.
The stock settled at Rs 18.95, up 18.07 per cent from its yesterday’s close on the BSE. Intra-day, the scrip soared 28.34 per cent to Rs 20.60.
At NSE, the scrip was up 18.13 per cent to Rs 18.90.
In the previous session, shares of Suzlon Energy had tanked nearly 34 per cent, wiping off Rs 1,458 crore from its market value.
“Suzlon Energy which fell 34 per cent yesterday bounced back today. Yesterday’s selling pressure was on account of promoters selling their stake so as to infuse funds in the company,” said Milan Bavishi, Head Research, Inventure Growth and Securities.
The promoters have sold approximately 11 crore shares or 6.19 per cent of the paid-up capital for Rs 240.40 crore, Suzlon has said in a regulatory filing to the exchanges.
The promoter group’s holding in the company has reduced to 44.46 per cent of the paid-up capital — the amount pumped in by shareholders.
The BSE 30-share index, Sensex, closed at 18,918.52, up 56.98 points.