On August 29, 2022, India-based sustainable energy provider, Azure Power Global Ltd., disclosed that the company received a whistleblower complaint in May 2022, alleging potential procedural irregularities and misconduct by certain employees at a subsidiary-owned plant. Azure’s audit committee also identified evidence of manipulation of project data and information.
Additionally, recently appointed CEO, Harsh Shah resigned unexpectedly after joining the company just two months prior on July 1, 2022.
Shares of Azure Power Global Ltd. fell more than 40% in intraday trading on Monday, August 29, 2022.
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