Suzlon Energy has received a warning letter from the National Stock Exchange for not disclosing an analyst or institutional investor meeting details on exchanges two days before having it.
According to an exchange filing, the company conducted an analyst meeting on November 06, 2023, the disclosure for which was made on the same day. However, the provision is that the company needs to disclose the same two days ahead of having such kinds of meetings or events. “As per Regulation 30 read with sub-para 15(a) of Para A Part A of Schedule III of SEBI LODR, the listed entity shall inform schedule of analysts or institutional investors meet at least two working days in advance (excluding the date of intimation and date of meet),” read the filing.
“The aforesaid non-compliance on your part is viewed seriously. You are hereby warned and advised to be careful in future, exercise due caution and initiate corrective steps to avoid the recurrence of such lapses to ensure due compliance with the applicable provisions of SEBI LODR. Any aberration in future will be viewed seriously and appropriate action will be initiated,” warned the exchange.
The exchange has asked the company to disseminate a copy of the warning letter on the stock exchanges where they are listed. Furthermore, the company is advised to place before their board of directors the warning letter and the corrective measures taken by the company to avoid such lapses.
Suzlon Energy Shares rally
Meanwhile, the Suzlon Energy shares rose 5% to hit a fresh record high of Rs 68.22, locking in the upper circuit. The stock is up for the seventh consecutive session since it announced its Q1 FY25 numbers.
The stock has given a return of more than 12% in the last five days. It has risen 29% in the last month and 56% in the past six months. It has raised the investors’ wealth by 1,650% in the last five years.