EnergyWatch

India turbine maker slumps after missing dollar bond payment

Suzlon Energy Ltd., which became India's biggest convertible-note defaulter in 2012, slumped in Mumbai after missing payments on dollar-denominated convertibles due Tuesday.

Photo: Carsten Ingemann

Suzlon Energy Ltd., which became India's biggest convertible-note defaulter in 2012, slumped in Mumbai after missing payments on dollar-denominated convertibles due Tuesday.

Shares of the stressed wind-turbine maker fell as much as 8.6 percent in trading on Wednesday after missing a July 16 deadline to repay USD 172 million outstanding on the securities. While an earlier debt revamp helped the company's shares surge in 2014-2015, they have since slumped as increased competition diluted Suzlon's market share.

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