Suzlon shares decline 23% after new report of faulty blades
Suzlon Energy Ltd., India’s biggest maker of wind turbine generators, fell as much as 23 percent in Mumbai trading after the Wall Street Journal reported the company faces new problems over blades for a project in China.
Suzlon declined 19 percent to 56 rupees at 3:24 p.m., the most since Jan. 7. The benchmark index of the Bombay Stock Exchange fell 3.1 percent.
Suzlon is contracted to supply blades for 75 turbines in a project being managed by Germany’s REPower Systems AG, with an option for 75 more, the Journal said. REPower rejected the prototype and ordered the equipment from elsewhere, according to the report.
The report of new blade problems is false, Suzlon Chief Operating Officer Sumant Sinha said by telephone in Mumbai. The blades are in testing stage and their production hasn’t started yet, he said.
By Gaurav Singh
16 April 2009
Tags: Wind power, Wind energy
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