Suzlon Energy Ltd shares on Monday tanked 6% to ₹53.89 on the BSE as investors dumped the company shares days after market regulator the Securities & Exchange Board of India (SEBI) imposed a fine of ₹28.6 crore on the company and its top brass for ‘inflating the company’s net worth through circular transactions and misleading investors.

According to SEBI’s Friday’s order Suzlon used misreported it’s accounts to raise equity share capital worth ₹1,800 crore from Dilip Shanghvi Family & Associates and availed loan restructuring from banks worth ₹393 crore.

The market regulator found Suzlon and its key top executives Vinod.R.Tanti, Girish.R.Tanti, Kirti.J.Vagadia, and Amit Agarwal in violation of Prohibition of Fraudulent and Unfair Trade Practices, and listing and disclosure rules.

SEBI has ordered them to pay the penalty in 45 days of the receipt of the order. As per an exchange filing Suzlon and officials have decided to appeal against the order in SAT.