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Azure Power Global Limited's recent stock price took a dive under the new macroeconomic regime, with rising inflation and interest rates, worsened by controversies involving whistleblower allegations, public interest litigations, and legal disputes. Despite Azure Power Global having a large 4.5 GW pipeline, 2 GW worth of development is largely halted, which could potentially create a further shock for investors.
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The company makes another attempt at damage control.
Adding to the company's woes, one pundit makes a big recommendation downgrade.
Azure Power Global Ltd (NYSE: AZRE) shares are trading lower by 12.31% to $5.13 Tuesday morning after Credit Suisse downgraded the stock from Outperform to Underperform and lowered its price target from $22 to $5.
The renewable energy company revealed some disturbing news.