After seven straight sessions of being bullish, shares of Suzlon Energy hit a 5% lower circuit at Rs 17.5 in Wednesday’s intra-day trade ahead of the board meeting. Before hitting today’s lower circuit, the stock gained 35% in the last seven days. 

One of India’s largest renewable energy companies, Suzlon Energy Ltd, said, “A meeting of the Board of Directors of the Company will be held on Friday, July 7, 2023, to consider and approve capital raising by way of one or more or combination of permissible methods, and seeking approval of the shareholders, if required,”

Suzlon Energy’s day RSI is at 80.9. The RSI below 30 is oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 1.2, above its centre and signal Line, a bullish indicator.

Meanwhile, its total income for the March quarter was down by 31% to Rs 1,700 crore against its previous year of Rs 2,475 crore. The total income for FY23 is down by 9% at Rs 5,990 crore.