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In a recent report, it has been confirmed that one of the major founders of Suzlon Energy has sold its 2.08% stake, and this had forced the company to face a loss in its share value. The shares of the company were told to have gone down by 7.81% at Rs. 23.60 at 11:05 IST on BSE. Apparently, the BSE sensex was seen moving up by 1.52%, to 16,212.26.
It was also seen that the share had hit a low of Rs. 23.35 and a high of Rs. 25.40, so far during the day. It has also been told by analysts that in the last seven sessions, the stock of the company dropped by 36.39%.
All those who have been tracking the performance of the company over the past one month have claimed that the shares were consistently falling down. There was a decline of 32.28% compared with the Sensex's 3.31% decline.
Moreover, Samanvaya Holdings has said that there stake in the company has now left with 1.86% from 3.94%, and it has been also told that the decision to sold the stake has reduced the share of founder companies to 52.76% from 54.84%. However, the company didn’t share the price at which they have made the sale of their stake.
If reports are to be referred, it has been told that Suzlon Energy has got a net profit of Rs. 48 crore, while a net loss of Rs. 369.23 crore in Q2 September 2010 was also reported. It was also revealed that the net sales have gone up by 34.5% to Rs. 5071.10 crore.
It has been told that the excessive selling of shares by FIIs and promoters had a key role on make the share price of the company so low in October 2005 at Rs 25.60 on the Bombay Stock Exchange.