Suzlon Energy share price: Stock market experts say exit after Rs 1300 crore bond default by the company

Suzlon Energy share price has gone down 4.3 per cent ( at 10:44 AM) in the intraday trade on Wednesday. The stock market experts are of the opinion that both fundamentals and technicals of the Suzlon Energy stocks are weak and investors should exit from the Suzlon Energy stock holdings at current levels as it is further expected to nosedive. On July 16, Suzlon Energy reported Rs 1300 crore bond default, which has further added salt to the stock market investors injuries.

Speaking on the Suzlon Energy share price outlook SEBI registered technical equity analyst Simi Bhaumik said, “Suzlon Energy stock is technically very weak and I advise share market investors to avoid any buy call in regard to the Suzlon Energy shares and exit at current levels as it would further nosedive in upcoming trade sessions.”

Prakash Pandey, Head of Research at Fairwealth Securities said, “Fundamentals of the Suzlon Energy shares are very weak and yesterday’s bond default of Rs 1300 crore has further hit the market sentiments. The company is facing fund crisis and is going through one of the toughest phases of its existence. Bankers are also facing solvency problem in regard to the Suzlon Energy. So, my advise to the stock market investors is to avoid taking any position in Suzlon Energy stock and exit at current levels if there is any holding in the stock.”

Suzlon Energy share price dipped 4.3 per cent in the intraday and was trading at Rs 4.46 per stocks at 10:44 AM on Wednesday. On Tuesday the Suzlon Energy had announce that it failed to pay $1,72,00,000 (near Rs 1300 crore) bank bonds citing, “The company has not made the payment of the principal amount of the outstanding bonds, being US$172,00,000 , which was due on 16 July 2019 in accordance with the terms and conditions of the bonds.”

[“source=zeebiz”]