Suzlon Plans Job Cuts, Bond Sale, CFO Says; Shares Drop
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Suzlon Energy Ltd., India’s largest wind-turbine maker, may cut jobs and sell bonds this year after reporting its second-biggest quarterly loss since at least 2007 as costs rose. The company’s shares fell to a record.
Suzlon plans to pare fixed costs by 20 percent this fiscal year by “reducing manpower and operational expenditures,” Chief Financial Officer Kirti Vagadia said in a phone interview today. The company’s shares closed down 4 percent at 17 rupees.