Suzlon Energy's Stock Falls After ₹20,000 GST Fine

3 Sep 2024 , 12:55 PM

Suzlon Energy’s subsidiary, Suzlon Global Services Ltd, has been fined ₹20,000 by the Tamil Nadu GST Department. The fine was issued under Section 125 of the CGST and TNGST Act, 2017.

The penalty is due to a minor inadvertent error in the GSTR-1 filing for the fiscal year 2019-20. Suzlon Energy has stated that this fine does not materially impact its financials, operations, or other business functions.

At the time of writing on September 3, 2024 at 12:49 pm, Suzlon Energy’ shares were trading 2.79% higher at ₹75.87. The stock has seen a 97% gain over the past six months. Suzlon Energy stock has gained a total of 214% in the last one year. Despite a significant increase of 205.81% in the past year, the stock has dropped over 4% in the last three trading sessions.

This recent downturn follows an impressive rally from May to August 2024, during which the stock surged by 81%. As a result of this decline, Suzlon Energy’s market capitalization has fallen below ₹1 lakh crore.

Suzlon Energy, headquartered in Pune, is a leading Indian multinational specializing in wind turbine manufacturing.