Waaree Renewable shares extend fall, dive 20% today; here's why

Shares of Waaree Renewable Technologies Ltd continued their losing run for the fourth consecutive session in Monday's trade. The stock slumped 20 per cent to hit its lower circuit level of Rs 951. At this price, it has cracked 28.20 per cent in four trading days.

The counter started tumbling after Dilip Panjwani tendered his resignation as chief financial officer (CFO) of the company, citing personal reasons. "As discussed please accept my formal resignation from my role as Chief Financial Officer of Waaree Renewable Technologies Ltd effective today on January 7, 2025. Per discussion, please note that the last date of my employment will be January 31, 2025," Panjwani stated.

Exchanges have put the securities of Waaree Renewable Tech under the long-term ASM (Additional Surveillance Measure) framework. BSE and NSE put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

On technical setup, the scrip traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). As per BSE, the stock has a price-to-equity (P/E) ratio of 49.43 against a price-to-book (P/B) value of 30.99. Earnings per share (EPS) stood at 19.24 with a return on equity (RoE) of 62.70.

The counter saw high trading volume today as around 15.38 lakh shares were last seen changing hands. The figure was lower than the two-week average volume of 1.97 lakh shares. Turnover on the stock came at Rs 155.47 crore, commanding a market capitalisation (m-cap) of Rs 9,913.85 crore. There were 3,23,246 sell orders against buy orders of nil shares.

Separately, the company said it "has incorporated Waaree India Foundation a section 8 Company on January 8, 2025, (the Certificate of Incorporation is received by the Company today) to promote Healthcare, Education, Welfare, Shelter and activities as mentioned in section 135 read with Schedule VIl of the Companies Act 2013."

Waaree Renewable is engaged in the business of generation of power through renewable energy sources and also providing Engineering, procurement, and construction (EPC) services in this regard. It has its registered office in Mumbai and its energy generation site is located in Maharashtra. Exchange data showed that promoters held a 74.44 per cent stake in the company.