Why Azure Power Global Stock Is Plummeting Today
Shares of Azure Power Global (NYSE: AZRE) tumbled nearly 40% by 12:15 p.m. ET on Monday. The India-based renewable energy company disclosed some employee misconduct and the resignation of its recently named CEO.
Azure Power provided investors with a series of updates, including whistleblower allegations and the resignation of its CEO. The renewable power producer revealed that it received a whistleblower complaint in May "alleging potential procedural irregularities and misconduct by certain employees at a plant belonging to one of its subsidiaries."
The company reviewed the allegations and "discovered deviations from safety and quality norms." That led it to take steps to rectify the situation immediately. It also identified evidence of project data manipulation and information that it's working to address.
Source Fool.com
