Suzlon Energy Ltd.’s stock fell more than 4% on Monday after the renewable energy company announced that the Ahmedabad Income Tax Department has sent them an income tax demand of Rs 1.01 crore for FY17. After closing at Rs 61.96 on the BSE, the multibagger stock fell 4.43% to Rs 59.21. The company’s market value dropped to Rs 80,915 crore. According to the company’s exchange filing, the claim is connected to a penalty that was applied for the disallowance of late payments for employee contributions to PF/ESI during FY 2016–17.
Regarding Monday’s 5% share price decline, Suzlon Energy stressed that no information or incident was responsible for the change in the stock price.
Suzlon Stock Price Trend
The price of Suzlon’s stock has dropped more than 14% in just three months, whereas the green energy stock has increased by 50% in the last year. Multibagger gains of 1,740% in five years and 495% in two years have been achieved by Suzlon shares. In an exchange filing, the business stated that the price of Suzlon shares on the BSE reached a 52-week high of ₹86.04 on September 12, 2024, and a 52-week low of ₹35.49 on March 14, 2024. Contributions to PF/ESI during FY 2016–17.
About the Company- Suzlon Energy
In 1995, Suzlon Energy Ltd. was established by Mr. Tulsi Tanti. Through a wind power project he had commissioned for his own textile plant, he was first exposed to wind energy, although his primary industry was textiles. The first technical partnership agreement was made in 1995 between Suzlon Energy and Sudwind GmbH Windkrafttanlagen, a German company, to source the most up-to-date, cutting-edge technology for the manufacturing of wind turbine generators, or WTGs, in India.
In wind energy projects, the business pioneered the idea of comprehensive solutions. This indicates that the organization provides related project execution services, including land acquisition, site development, foundation, and other civil work and O&M services, in addition to the equipment supply.
