Shares of Suzlon Energy rallied over 17 percent on Monday amid heavy volumes. A combined 228 million equity shares changed hands on the NSE and BSE. The S&P BSE Sensex is up 0.6 per cent at 59,164.

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At 11:17 am, shares of Suzlon Energy were trading at Rs 10.21, a 16.12 percent up from the previous close on the BSE.

The upmove comes after the State Bank of India (SBI), on September 3, disclosed a typographical error in its earlier disclosure that claimed Suzlon promoter had created an additional pledge of 5.53 percent in favour of Adani Green Energy.

In its recent disclosure, SBICAP Trustee clarified that the typographical error occurred in the target company's name and that the additional pledge has been created in favour of the SBICAP Trustee and not Adani Green Energy.

“Please note that inadvertently, SBICAP Trustee had mentioned the name of ‘Adani Green Energy Limited’ as the ‘Target Company’ in its reporting, instead of ‘Suzlon Energy Limited. The said error has since been rectified by SBICAP Trustee,” Suzlon Energy said in a press release.

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The company further noted that the encumbrance had been created by the Promoters of the Company in favour of SBICAP Trustee only for securing the obligations of the STG towards REC led consortium (comprising of REC Limited and Indian Renewable Energy Development Agency Limited) and not in anybody else favour nor for any other purpose.

Suzlon Energy is primarily engaged in the business of manufacturing wind turbine generators (‘WTGs’) and related components of various capacities. The company’s stock has gained over 37 percent in one month.

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