The most-volatile stock in India has already surged 116%

Suzlon Energy Ltd.’s shares have more than doubled in about three weeks, making it the most-turbulent member of the S&P BSE 500 Index.

India’s largest wind-turbine supplier has another title to take note of: It’s the nation’s most-volatile stock after turning from one of this year’s worst to a top performer within a month.

Shares of Suzlon jumped another 23 percent Tuesday as traders grappled for a reason explaining the sudden surge.

Suzlon Energy Ltd.’s shares have more than doubled in about three weeks, making it the most-turbulent member of the S&P BSE 500 Index. It hit a record low on Feb. 13 and since then has gained almost $300 million in value on speculation that Vestas Wind Systems A/S will buy it to gain a stronger foothold in India.

That rumor was quickly quelled by the Danish company late last month, which added that it has an organic growth strategy. Earlier in February, Suzlon was India’s worst-performing stock as concerns mounted that it could default on a bond payment due in July.

Shares of Suzlon jumped another 23 percent Tuesday as traders grappled for a reason explaining the sudden surge. Two strategists pointed to a general pre-election advance that may be boosting the stock.

“Maybe in the larger scheme of things, this is a build up to the pre-election rally and everything seems to be painted with the same brush, the same way when a downward correction happens and even good names go down,” said Dharmesh Kant, head of research at brokerage IndiaNivesh Securities Ltd.