Suzlon goes down by 5pct on SEBI orders in IPO scam

11 Nov 2008
Today, the wind energy major Suzlon Energy extensive losses after the market regulator issued orders in its IPO scam, following downturn in the Asian markets.Suzlon shares were down 5 pct at Rs 65.5 after striking a low of Rs 64.25 in the early session at 10:50 am.According to technical analysts, “Suzlon could witness further correction if it breaks the barrier of Rs 63. Earlier, the bottom line for the share was adjusted at Rs 66, which it had broken this morning.”
Industrial analysts were of the view, “Suzlon Energy would be under pressure as there is a rising risk to its wind energy business.”
SEBI has directed Himani Patel to surrender unlawful gain of Rs 33.52 lakh and interest thereon at the rate of 10 pct from the date of listing (Oct 19, 2005) of the Suzlon IPO till the date of actual payment.