Suzlon Energy Share Price Falls After CEO Of New Business Resigns

Suzlon Energy Ltd.'s share price fell over 6% after the company announced the resignation of Ishwar Chand Mangal, chief executive officer of new business, effective Nov. 8. 

In an exchange filing on Friday, the company confirmed that Mangal, who had been with Suzlon for nearly 28 years and held various leadership roles, was stepping down to pursue new opportunities. In his resignation letter, Mangal expressed gratitude for his long association with Suzlon and his journey from founding days to recent achievements. He added that he takes pride in the company’s growth and hopes for Suzlon’s continued success. 

"I gratefully acknowledge the trust put in by the Suzlon management in my leadership and capabilities to successfully lead various business verticals like sales and marketing, business development, EPC business, projects, global OMS and new business initiatives, including foray into offshore wind," the letter read. 

On Oct. 29, the company announced that its profit surged nearly two-fold in the second quarter of fiscal 2025. The wind turbine manufacturer reported a bottom line of Rs 200.6 crore in the July-September quarter, compared to Rs 102.3 crore in the same period last year. The results came after market hours on Monday. Revenue rose 48% to Rs 2,103.4 crore, compared to Rs 1,421.4 crore in the same period last year.

Suzlon Energy stock fell as much as 6.30% during the day before paring loss to trade 3.20% lower at Rs 60.50 apiece as of 10:38 a.m., compared to a 0.36% advance in the benchmark Nifty 50.

It has risen 58.05% in the last 12 months and 59.01% on a year-to-date basis. Total traded volume so far in the day stood at 2.5 times its 30-day average. The relative strength index was at 30.32.

Of the five analysts tracking Suzlon Energy, two have a 'buy' rating on the stock and three recommend a 'hold', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 30.4%.