India's wind energy stocks down on reports of govt's new auction rules

Suzlon Energy

04/03/2024 07:16

** Shares of Suzlon Energy  SUZL.NS  down 4.6% at 41.90
rupees and Inox Wind  INOX.NS  down 5% at 6,574.10 rupees
    ** SUZL and INOX down for third straight session
    ** Media reports said India's New and Renewable Energy
ministry has sent circular to power generation companies,
reinstating old "reverse auctions" and bids on pan-India basis
    ** Under reverse auction, bidders for power projects can bid
until tariffs go unchallenged, analysts with JM Financial said
    ** Eventhough policy uncertainty perspective is not desired,
move likely to have insignificant impact given the large market
size - JM Financial
    ** Suzlon down 7.3% over last three sessions, while INXO is
down 6%

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))