Why Azure Power Stock Tumbled Again Today
No reasonable investor wants to get involved in a falling-knife scenario, and that fear seemed to be driving down the shares of Azure Power Global (NYSE: AZRE) on Wednesday. Reeling from a clutch of big setbacks, the India-based green energy company saw its share price dive for the third day in a row, at a steep rate of almost 17%.
Azure issued a new update on Wednesday, which was obviously intended to comfort investors but had the opposite effect.
In the document, the renewable energy specialist admirably addressed the difficulties plaguing it recently. The major ones are the recent revelation of a whistleblower complaint earlier this year, the delay in the company's annual report, and the abrupt departure of CEO Harsh Shah after serving a very short stint.
Source Fool.com