Shares of Suzlon Energy dipped 5% in Monday’s early session to the day’s low of Rs 47 after the company’s independent director Marc Desaedeleer resigned from his directorship on June 8.
“Several situations occurred where the corporate governance standards applied by the Company did not meet my expectations including situations where communications lacked the level of openness and transparency 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 financial disclosures have been fully complied with, as per regulations,” said a report by domestic brokerage firm Nuvama.
Based on this, Nuvama stated that it did not find any reason to stray away from the ‘Buy’ thesis on Suzlon with an unchanged target price of Rs 53 backed by the wind sector’s structural upturn and financial turnaround of the company.
Suzlon shares 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 Trendlyne data.