Suzlon Energy top loser

Suzlon Energy is currently the top loser on the BSE, down almost 6.5% at Rs.10.23, with an intra day low at Rs.9.90. Its 52-week low is at Rs.5.72.

The stock is down in the red as its auditors raised red flagged issues like the company’s ability to generate adequate cash flow to support operations. This red flag has come up again mainly on the company defaulting payments to Foreign Currency Convertible Bond (FCCB) holders as well as overdue amounts to certain creditors and lenders. Suzlon defaulted in repaying about  Rs 1,289.78 crore with respect to its unsecured FCCBs that were due in October 2012 which triggered a cross default under the company's other existing FCCBs worth Rs 556.20 crore and Rs 1,081.50 crore.

For Q3FY14, the company posted a consolidated net loss of Rs 1,075.25 crore.