Suzlon tumbles 9% as compnay fails to repay $172 million bond payment

NEW DELHI: Shares of Suzlon Energy tumbled nearly 9 per cent in Wednesday’s trade after the stressed wind turbine maker failed to pay the principal amount on the outstanding bonds to the tune of $172 million.

The company told stock exchanges that it is working on holistic solution for its debt and continues to be in discussions with various stakeholders in relation to its outstanding debt.

Suzlon has told bondholders that they will have to wait until banks accept its proposed one-time settlement plan.

Following the development, the scrip fell 8.78 per cent to hit a low of Rs 4.26 on BSE.

The one-time settlement offered to banks by Suzlon was dependent on a deal being negotiated with Canadian investor Brookfield, which is interested in acquiring equity in the Tulsi Tanti led company that has net term debt, including FCCBs, of Rs 7,761 crore and working capital debt of Rs 3,380 crore.