Suzlon Energy Ltd shares tanked 5 per cent in Monday's trade after the wind energy solutions provider informed exchanges that market regulator SEBI had imposed penalties totalling Rs 29 crore on the company and certain executives over violations related to financial statements, including reported profitability and inflated net worth.

Suzlon said there would not be any impact on the financial, operation or other activities of the company, adding that it would soon be filing an appeal before the Securities Appellate Tribunal in respect of the SEBI order.  Following the development, the Suzlon stock fell 4.86 per cent to hit a low of Rs 54.40. 

The penalty was related to the FY14 slump sale of the Operations and Maintenance Services (OMS) business from Suzlon Energy to Suzlon Global, which resulted in a misstatement of financial statements and an inflated net worth. Suzlon Energy was fined Rs 15.95 crore. Penalties of Rs 5.75 crore and Rs 5.45 crore were imposed on Vinod R. Tanti and Girish R. Tanti, respectively, while Kirti J. Vagadia was fined Rs 1.50 crore and Amit Agarwal Rs 30 lakh.

During FY 2013-14, Suzlon Energy recognised profit of Rs.1,922.92 crore on a subsidiary OMS transaction and presented enhanced net worth of Rs 2,663.96 crore instead of Rs 741.04 crore, while the consideration was not realised in the manner and timeline contemplated by the transaction documents, SEBI said.

Meanwhile, Suzlon said it has appointed Ashok Ramachandran as President for India Business and Senior Managerial Personnel, effective from June 4, 2026. "His appointment comes at a very crucial time as Suzlon accelerates its transition towards becoming a wind-first full-stack renewable energy company. He will be reporting to Ajay Kapur, Chief Executive Officer, Suzlon Group," Suzlon said. 

Girish Tanti, Vice Chairman, Suzlon Group said India has now entered an accelerated growth pathway for wind energy, with a record 6.5 GW installations achieved last year, and the opportunity ahead is significantly large. He said wind is emerging as the fastest scaling pillar of global energy transition, and India has the potential to scale to 13 -15 GW annual installations in the coming years.

"As the sector enters the next phase of growth , the next phase will be determined by ability to scale. Ashok has deep expertise in execution led transformation, operational scaling, and building high growth business will further strengthen Suzlon’s leadership as we build the next era of renewable energy in India,” Tanti said.

Chief Executive Officer Ajay Kapur said Suzlon has delivered record annual installations for the industry, but the opportunity ahead is significantly larger.

"I look forward to closely working with Ashok, and I am confident about his execution led leadership and operational expertise will help Suzlon rise above the benchmark further for both the company and the wider renewable energy industry," he said.