The promoter of Suzlon Energy sold 3.7 crore shares or about 2.08% stake in the firm through a block deal in the open market on Thursday, resulting in a fall of 7.81% in its shares prices on the domestic stock exchange.

Suzlon Energy was trading at Rs. 23.60 on the Bombay Stock Exchange at the time of reporting. The announcement of the stake sale by the founder group firms of the company came after market hours on Thursday. The sale reduced the overall share of founder group entities in Suzlon to 52.76% from 54.84%, according to a filing with the BSE.

About 49.74 lakh shares of the company were traded on the BSE compared to a daily average of 27.99 lakh shares in the previous quarter. The share prices had hit a low of Rs. 23.35 and a high of Rs. 25.40 yet during the day.

The shares have fallen 32.28% during the last nine months compared with the Sensex's 3.31% decline. In the previous quarter, the shares fell 31% as against a 2.25% fall in sensex. The face value of the shares is Rs. 2. The wind turbine maker has an equity capital of Rs. 355.47 crore.