Suzlon Energy Shares: There may be a sharp movement in the shares of wind turbine manufacturing giant Suzlon Energy when the stock market opens on Monday. The reason for this is that Suzlon Energy had received a tax notice of more than Rs 1 crore from the Income Tax Department. Currently the share is priced at Rs 61.96, which is its closing price on BSE on Friday, January 3, the last trading day of this week. This year, on the first trading day of 2025, its shares closed at the upper circuit of 5 percent, but then it declined by more than 5 percent in the next two trading days and thus it has weakened by about half a percent this year.
Why has Suzlon Energy received the notice?
Suzlon Energy has received a tax notice of ₹1.01 crore for FY2017 from the Ahmedabad Income Tax Department. According to the information given by the company in its exchange filing, this notice is related to the penalty imposed on disallowance of late payments related to PF/ESI contributions of employees in the financial year 2016-17. The company plans to file a petition against this penalty and is confident that the decision will be in its favor. Earlier, the company had revealed that the Income Tax Department waived off penalty of Rs 260.35 crore in FY 2015-16 and FY 2016-17 following the decision of the Income Tax Appellate Tribunal (ITAT). This was more than the company’s net profit of Rs 200 crore in the September quarter.
How were the shares in one year?
Shares of Suzlon Energy have made huge profits for the investors. Last year on March 14, 2024, it was at Rs 35.49, which is a one-year low for its shares. From this low level, it jumped by more than 142 percent in 6 months to reach the price of Rs 86.04 on September 12, 2024, which is a one-year record high for its shares. However, the rise of shares stopped here and at present it is about 28 percent downside from this high.
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