Suzlon Energy Stock Price: Shares of renewable energy sector company Suzlon Energy fell for the 8th consecutive trading session on October 7 and hit the lower circuit. According to BSE data, the stock has weakened by more than 11 percent in the last one week. Suzlon’s shares fell 5 per cent to Rs 70.98 on BSE on October 7 from the previous closing price and hit the lower circuit. The market cap of the company has come to Rs 96,800 crore.
Recently Suzlon Energy has received advisory cum warning letter from BSE and NSE. The letter highlighted concerns related to corporate governance practices following the resignation of the company’s independent director Mark DeDeseleer. Stock exchanges have emphasized that non-compliance with governance standards will be viewed seriously going forward. On this letter, Suzlon Energy has said that this advisory does not materially affect its financial or operational activities.
Suzlon share price may fall to Rs 68
The recent performance of Suzlon Energy’s stock has raised concerns. The stock is trading below its 5-day, 10-day, 20-day, 30-day and 50-day Simple Moving Averages (SMAs). The Relative Strength Index (RSI) is currently at 41.76, indicating that the stock is close to the oversold zone. Analysts believe that Suzlon Energy shares may fall to the level of Rs 68 in the near term.
Stock may be classified as large-cap stock
Nuvama Alternative Research estimates that Suzlon Energy will be classified as a large-cap stock by the Association of Mutual Funds in India (AMFI) from February 2025. The stock is currently classified as a mid-cap stock based on the threshold of Rs 27,500 crore. The brokerage said the company is expected to meet the revised large-cap cut-off, which is estimated to be around Rs 1 lakh crore, up from Rs 84,000 crore based on current average market-cap levels.
Suzlon Energy had recently crossed the anticipated large-cap threshold with a market cap of Rs 1 lakh crore. The Nuvama report said that despite the reclassification, there would be no need for fresh investment in the stock, as active equity fund managers are continuously monitoring the AMFI list to adjust their positions in various fund categories.
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