Shares of Suzlon Energy Ltd. are locked in an upper circuit of 5 percent for the second day in a row after the company's promoters released some pledged shares on Wednesday.

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Suzlon's promoters released pledge on 97.1 crore shares from SBICAP Trustee Company Ltd., an exchange filing said. The number of shares released amount to 7.1 percent of the total equity.

The pledged shares were released on September 28, according to the statement.

Based on the shareholding pattern shared by the company on August 14, the promoters of the company held 13.3 percent stake in the company amounting to nearly 180 crore shares. Of this stake, nearly 81 percent or 146 crore shares were pledged.

Suzlon's shares had surged to an eight-year high on Tuesday, extending its gains for 2023 to over 150 percent.

The stock was in focus last week after Dilip Shanghvi and Associates decided to terminate the amended and restated shareholders' agreement that was signed in February 2020.

However, the wind turbine manufacturer clarified that the termination of the agreement will not impact the company's operations.

Shares of Suzlon are back in a 5 percent upper circuit at Rs 28.25.

First Published:Oct 4, 2023 11:26 AM IST