Following the firm's announcement that Harsh Shah had resigned as CEO less than two months after joining, shares of Azure Power Global, an Indian-focused renewable energy company, listed on NYSE, fell 41 percent in early trade on Monday. This is said to be its biggest intra-day fall since its 2016 listing.

Murali Subramanian, who joined the firm in 2019 after the original creator Inderpreet S., and Ranjit Gupta, who had served as president and a member of the board, had been superseded by Shah as CEO and board members.

The resignation is made when the company's FY22 financial statements are still not closed. Azure stated in its SEC filing that it was unable to provide a deadline for submitting its annual report on Form 20-F for the fiscal year ending March 2022.

The US Securities and Exchange Commission (SEC) had a deadline of August 1 and an extension deadline of August 16 for filing the annual report.

In its words, "The company reiterates that it is working in close consultation with its advisers to close its annual accounts”.

The company had stated on August 12 that the company's ongoing evaluation of its internal control and compliance system was the reason for the delay in completing the 2022 Form 20-F.

Such delays have already led to the New York Stock Exchange claim Azure is "non-compliant with quantitative/qualitative continued listing standards or is delayed in filing an annual or interim report required pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934," as per its website.

Since May of this year, the company has been the target of a whistleblower complaint alleging possible procedural irregularities and employee misconduct at a factory owned by one of its subsidiaries. The company looked into these claims and found violations of safety and quality standards. Azure said that it has put in place corrective measures and is bolstering safety and quality processes.

Alan Rosling, Chairman of the board expressed discontent by saying,“The Board very much regrets Harsh’s unexpected decision to leave the Company after joining only from July 1, 2022”.

Rupesh Agarwal has been named the company's temporary CEO, according to the announcement. In due course, the board will discuss the selection of a new permanent CEO, it was stated. Agarwal began working as the chief strategy and commercial officer earlier this month.