Azure Power Global Ltd AZRE shares are trading lower by 12.31% to $5.13 Tuesday morning after Credit Suisse downgraded the stock from Outperform to Underperform and lowered its price target from $22 to $5.
The company Monday morning after the company announced the resignation of Harsh Shah as CEO. The company also reported it received a whistleblower complaint in May 2022 alleging potential procedural irregularities and misconduct by certain employees at a plant belonging to one of its subsidiaries.
What Happened?
Azure Power Global announced the appointment of Mr. Rupesh Agarwal as its Acting Chief Executive Officer Monday. Mr. Agarwal takes over from Mr. Harsh Shah who has resigned as CEO with immediate effect. The company's Board says they will consider appointment of a new permanent CEO in due course.
Alan Rosling, Chairman of the Board, said, "The Board very much regrets Harsh's unexpected decision to leave the Company after joining only from July 1, 2022. We wish him well for the future. We are pleased that Rupesh is stepping up to lead the Company at this time. The Board will be working closely with Rupesh to ensure the Company's commercial objectives are met as Azure scales its capacity in the growing Indian market."
"As part of the company's review of these allegations, it discovered deviations from safety and quality norms, and it has implemented mechanisms to remediate them and in so doing strengthen safety and quality protocols," said Azure Power in a press release regarding the whistleblower complaint.
Azure Power Global produces and sells solar power in India.
According to data from Benzinga Pro, Azure Power Global has a 52-week high of $24.61 and a 52-week low of $5.00.
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