Suzlon shares dip 5% as independent director resigns
Shares of Suzlon Energy dropped by 5% during Monday's early session, hitting the day’s low of Rs 47. This decline followed the resignation of the company’s independent director, Marc Desaedeleer, from his directorship on June 8.
Shares of dipped 5% in Monday's early session to the day’s low of Rs 47 after the company’s independent director resigned from his directorship on June 8.“Several situations occurred where the applied by the Company did not meet my expectations including situations where communications lacked the level of openness and I would have liked to see,” said Desaedeleer in his resignation letter.
Marc Desaedeleer who resigned from the directorship of the company with effect from June 8, 2024, and has been a
"Suzlon CEO clarified on a call that the issues raised were soft in nature and process-oriented, which would be implemented in due course. Management reiterated that all legal and have been fully complied with, as per regulations," said a report by domestic brokerage firm .
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Management has reiterated that all legal and financial disclosures have been fully complied with, as per regulations.
Based on this, Nuvama stated that it did not find any reason to stray away from the 'Buy' thesis on with an unchanged target price of Rs 53 backed by the ’s structural upturn and financial turnaround of the company.
have performed very well over the past as they have given 240% returns to the investors in the last one year and have surged nearly 20% in the last one month alone.
Technically, the stock is performing well above all its significant exponential moving averages with a mid-range level of nearly 65 on RSI, according to the data.
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Source: Stocks-Markets-Economic Times
