Suzlon Energy, a major player in the renewable energy sector, experienced a notable decline in its share price, falling by over 2% and dipping below the crucial Rs. 60 mark on an intraday basis. This drop follows the recent resignation of Mr. Ishwar Chand Mangal, Suzlon’s CEO for New Business, effective at the close of business on November 8, 2024.
The share price has been on a downward trajectory, and the latest decline has pushed it to a fresh 3-month low. Currently trading below both its 20-day and 50-day moving averages (DMA), the stock reflects weakened investor sentiment.
The resignation of Mr. Mangal, disclosed under SEBI’s Listing Regulations, has raised concerns among shareholders. Mr. Mangal played a critical role in Suzlon’s growth initiatives, and his sudden departure has led to uncertainties about the company’s strategic direction in its new business segments.
The recent leadership change, coupled with technical indicators pointing towards a bearish trend, has added pressure on Suzlon’s stock. Investors should closely monitor further developments, as any positive management announcements or strategic changes could alter the stock’s trajectory in the coming months.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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