Suzlon Energy share price hits 5% lower circuit; time to book profit? Here's what experts say

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Suzlon Energy share price continued witnessing selling pressure for the second consecutive session as it hit its 5 per cent lower circuit of ₹39.28 on BSE in morning trade on Tuesday, November 21. In the previous session, Suzlon Energy share price closed 2.20 per cent lower after a winning streak of the last six consecutive sessions. Suzlon Energy stock is witnessing profit booking after a steep gain in the last few months.

Suzlon Energy share price hit its 52-week low of ₹6.96 on March 28 this year. In about eight months, the stock has surged nearly six times or about 494 per cent. Suzlon Energy stock hit its 52-week high of ₹44 on November 17 this year.

Suzlon Energy share price gained nearly 29 per cent in November this year after the news of its potential inclusion in AMFI's midcap category during the January reshuffle. Another factor contributing to last week's rally was the anticipation of Suzlon Energy being added to the MSCI Global Standard Index in the upcoming reshuffling on November 15. The renewable energy stock was officially incorporated into the index last week.

Moreover, Suzlon Energy posted a 45 per cent year-on-year (YoY) jump in their net profits to ₹102 crore in Q2FY24. However, the revenue of the company declined marginally to ₹1,417 crore in Q2FY24 from ₹1,430 crore during the same period last year. The numbers of Suzlon Energy remained positive despite an exceptional loss of ₹35 crore during the quarter ending September 2023.