Shares of Suzlon Energy Ltd. fell over 3% on Friday, January 10, marking the stock’s third consecutive day of decline.

The stock has dropped in six of the last seven trading sessions and has been down for five consecutive weeks.

With today’s loss, Suzlon shares are down 9% for the week, potentially marking their worst weekly performance since November 2024. Over the past month, the stock has declined by 16%.

The stock has also corrected about 36% from its peak of ₹86.04, which it hit on September 12 last year.

Recently, the renewable energy solution provider received tax relief on a couple of penalties totalling ₹260.35 crore from the Income Tax Appellate Tribunal (ITAT).

In addition, CRISIL Ratings upgraded its credit rating on Suzlon to ‘CRISIL A’ with a positive outlook, underscoring the company’s robust performance and improved profitability.

“The company’s debt has been drastically cut, which is good for its financial situation. Suzlon has a robust order book, which suggests room for expansion,” said Pravesh Gour of Swastika Investmart.

On the charts, Suzlon’s Relative Strength Index (RSI) stood at 36.3. An RSI reading below 30 is considered ‘Oversold’ and above 70 means that the stock is in ‘Overbought’ territory.

Promoters held a 13.25% stake in the company as of September 2024, which is slightly lower from 13.27% in the previous quarter.

Out of the five analysts who have coverage on Suzlon, three have a ‘Buy’ recommendation on the stock, while two say ‘Hold’.

Shares of Suzlon Energy Ltd. are now trading 3.54% lower on Friday at ₹55.83. With this fall, the stock has turned negative for the year and is now down 12% on a year-to-date basis.