Nov. 3 (Bloomberg) -- Suzlon Energy Ltd., India’s biggest maker of wind-turbine generators, declined the most in more than six months in Mumbai trading after posting a wider loss than analysts estimated as equipment orders slowed.

Suzlon fell 13 percent, the most since April 16, to 58.25 rupees. The shares had their longest losing streak since the 10 days ended Oct. 10, 2008. The benchmark Sensitive Index declined 3.1 percent.

Orders, including those from India, may improve in the coming months after being delayed by the global recession, Chief Operating Officer Sumant Sinha said in an interview today. The company is currently refinancing borrowings, which stand at 137 billion rupees ($2.9 billion), he said.

“If the company is able to refinance its debt, it will be a positive for the stock,” Bhargav Buddhadev, an analyst at Noble Group who has a “positive” rating on the stock, said by telephone from Mumbai. “We feel that the worst is over for the company.”

The loss in the three months ended Sept. 30, including that of units, widened to 3.56 billion rupees from 1.3 billion rupees a year earlier, Ahmedabad-based Suzlon said in an e-mailed statement on Oct. 31. The average of 11 analyst estimates compiled by Bloomberg was a loss of 878.7 million rupees. Sales fell 31 percent to 47.9 billion rupees.

Suzlon scrapped a rights offer last year when the markets tumbled. The turbine maker said it may sell all or part of its stake in unit Hansen Transmissions International NV to cut some of the debt taken over the past two years to complete the acquisition of Hamburg-based REpower Systems AG.

Financial Crisis

As much as $750 million of loans taken for acquisitions will be refinanced in the next 10 to 15 days, Sinha said. The company expects to refinance all its debt in the next two months, he said.

Wind power equipment makers got fewer orders this year because major economies are still struggling with last year’s financial crisis. Orders announced by wind-turbine makers dropped 56 percent in the first half of 2009, according to a September report by Denmark-based MAKE Consulting.

Suzlon lost sales last year after some blades cracked and customers in the U.S. canceled orders. Repairs were completed in September at a cost of $100 million, the company said on Oct. 13.

“The blades issue has been addressed and put behind us,” Sinha said. “Our business visibility will improve as the industry starts getting orders. Between REpower and Suzlon, we have orders in hand of 3,000 megawatts, which is comparable to our competitors.”

To contact the reporter on this story: Gaurav Singh in New Delhi at gsingh31@bloomberg.net.

Last Updated: November 3, 2009 05:51 EST