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Suzlon Shares Plunge to 52-Week Low Amid Earnings Downgrade
Sentiment: NegativeHigh Priority
What Happened?
Suzlon Energy's shares fell over 9% on Friday, reaching a new 52-week low of ₹33.21 after significant cuts to earnings forecasts. The company's market cap dropped to ₹46,202 crore.
Key points
- Suzlon's stock was among the top losers on BSE.
- The stock surpassed its previous low of ₹36.30 reached on October 8.
- ICICI Securities lowered its price target from ₹65 to ₹55 while maintaining a 'buy' rating.
- Axis Capital reduced its target from ₹63 to ₹42.
- JM Financial downgraded the stock from 'buy' to 'add' with a target of ₹40.
Key insights
- The stock's bearish trend may deter new investments in Suzlon.
- Analysts expect continued pressure on the stock due to increasing competition in the wind energy market.
- The revised targets indicate a cautious outlook for the company's future earnings.
Market Impact
Renewable Energy
NegativeThe downgrade in earnings forecasts has negatively impacted investor sentiment in the renewable energy sector.
Why it matters
The decline in Suzlon's stock could impact investor confidence in renewable energy stocks.
Entities
Suzlon Energy· CompanyICICI Securities· OrganizationAxis Capital· OrganizationJM Financial· Organization
Source
India Today
