In an earlier article, we had mentioned that the CFO resigning is a good sign that bearish times are ahead for the company.
Now the CFO of Suzlon Energy Robin Banerjee has quit on 30th March, 2012. Since then, the stock has lost around 3.7%. In a recent article in ET, analysts have explained their apprehensions of the company defaulting on its FCCB debts-( $360 million in June 2012 and $209 million in October 2012).
Today the company announced that it was divesting its windfarm assets to the tune of 40 Million $. Despite this favorable news, the stock tanked by 1.76%.
When even favorable news can’t lift a battered stock price, it shows that the underlying technicals of the stock are quite weak indeed.
Arrival of Robins normally indicate signs of spring.Departure of this Robin probably indicates winter for the stock!