Shares of Suzlon Energy Ltd. the wind turbine manufacturer are locked in an upper circuit of 5 percent on Tuesday. This is the second straight day of gains for the stock.

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This is the highest level that the stock has hit since August 5, 2015. With Tuesday's surge, the stock has taken 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.

In a separate statement, Dilip Shanghvi also said that while the formal shareholder agreement has been terminated, he and his firms will continue to remain investors in the company.

Based on the June quarter shareholding pattern, Dilip Shanghvi's family members and companies held at least 7.4 percent stake in the company.

Shares of Suzlon is locked in a five percent upper circuit at Rs 27.05. The stock is up 242 percent over the last 12 months.