Shares of Suzlon Energy dropped by over 6% to Rs56 after the company declined reports stating that Suzlon may sell as much as 15% of itself to U.S.-based Carlyle Group and TPG Capital for US$300mn.
The stake sale may be part of Suzlon's plans to raise as much as US$500mn, Reuters reported, citing unnamed bankers. The company may also raise US$200mn through debt, the report said.
The scrip touched an intra-day high of Rs63 and a low of Rs55 and recorded volumes of over 1,00,00,000 shares on BSE.
