Suzlon shares fall over 4% after Independent Director Marc Desaedeleer quits citing corporate governance issues

The stock was down 4.2% at ₹47.76 on the National Stock Exchange. It fell 4.1% to ₹47.7 on the BSE.

In his resignation letter addressed to Suzlon Energy CEO Vinod Tanti, Desaedeleer said that he was very pleased with the company's operation and financial performance over the past one and a half years.

However, he stated that the "corporate governance standards applied by the company" did not meet his expectations, including situations where communication lacked openness and transparency.

"We discussed several of these situations, some were shared with board members and I sent you recently a note covering these situations with the hope that this information can be used in a constructive manner. As a result of the above, I decided to resign from my position as Independent Director of the Company and from all associated committee memberships," he added, as per an exchange filing.

Suzlon Energy's net profit stood at ₹254 crore in the March 2024 quarter, down nearly 21% from ₹320 crore in the corresponding period last year.

For the entire FY24, the net profit declined to ₹660 crore from ₹2,887 in the previous fiscal.

The total income surged to ₹2,207.4 crore in the quarter under review from ₹1,699.9 crore in the year-ago period.