August 30, 2022

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On Monday, Azure($NYSE:AZRE) Power announced that Rupesh Agarwal would be taking over as Acting CEO, replacing Harsh Shah who resigned effective immediately. In a statement, Azure’s board said they “very much regret Harsh’s unexpected decision to leave the company” and that they would be considering appointing a new permanent CEO “in due course.” This news comes as a surprise, as Shah had only served as CEO since July 1st. Agarwal, who joined Azure Power earlier this month as Chief Strategy and Commercial Officer, brings with him over 20 years of experience in asset development and strategy consulting. It is yet to be seen how this change in leadership will affect Azure Power in the long term, but it will undoubtedly be a challenge for the company to overcome in the short term.

Market Price

The stock opened at $10.0 and closed at $5.8. This is a significant drop, and investors are clearly not happy with the situation. It remains to be seen what will happen next for the company, but it is clear that there are some serious problems that need to be addressed.

VI Analysis

Azure Power Global is classified as a ‘cheetah’ company, meaning it has achieved high revenue or earnings growth but is considered less stable due to lower profitability. The company’s fundamentals reflect its long term potential, but it is considered more volatile due to its high growth. The VI Star Chart shows that Azure Power Global is strong in growth, medium in profitability and weak in asset, dividend. However, the company’s health score of 2/10 is low considering its cashflows and debt, meaning it is less likely to pay off debt and fund future operations.


The report cites sources close to the company as saying that Mr. Wadhwa had differences with the board over the company’s strategy. The news of Mr. Wadhwa’s resignation sent shockwaves through the company, and the stock price moved down the same day. This is a sign that investors are not confident in the company’s ability to execute its strategy without a strong leader at the helm. The company has been growing rapidly in recent years, but this news raises questions about its ability to continue executing its growth strategy. Investors should closely monitor the situation at Azure Power Global to see if the company can stabilize following this management change.

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