Shares of Azure Power Global Ltd. touched a 52-week low on the New York Stock Exchange Tuesday, a day after the company said 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.
Also on Monday, the company said Chief Executive Officer Harsh Shah resigned. Mr. Shah said that owing to unforeseen circumstances and matters beyond his control, he decided to step down from the role.
At 1:23 p.m. ET, shares of Azure Power were 29% lower at $4.12 per share, touching a 52-week low. Volume at the time topped 2.6 million shares, above the stock's 65-day average volume of 276,418.
On Monday, Azure Power said that as part of its review of the whistleblower allegations, it "discovered deviations from safety and quality norms," and implemented mechanisms to remediate them.
Azure also said its audit committee, aided by legal counsel and forensic accounting support, also identified evidence of "manipulation of project data and information by certain employees." The company said it is taking remedial measures and initiating disclosure of the findings to the appropriate authorities.
Azure Power is a renewable energy producer in India.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.
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