Waaree Energies' stock drops nearly 2% after CEO Amit Paithankar resigns

The stock was trading 1.63% lower at ₹2,931.90 per equity share as of 10:41 am.

The scrip has lost over 5% in the last week and more than 7% over the month. On a year-to-date basis, it has gained about 3%.

While the share hit a 52-week high of ₹3,865 on September 12, 2025, it touched a year’s low of ₹1,863 per unit on April 7, 2025.

In a regulatory filing on Monday, Waaree Energies stated that its CEO, Amit Paithankar, has resigned from the company.

The company said its board has accepted his resignation and approved the appointment of Jignesh Rathod as the next CEO.

"We wish to inform you that the Board of Directors of the vompany at its meeting held today...took note of the resignation tendered by Amit Paithankar (Whole Time Director & Chief Executive Officer) of the company to pursue opportunities outside the organization," the filing stated.

The Board accepted the resignation and agreed to relieve him with effect from May 15, 2026, or such earlier date as may be mutually agreed.

The Board placed on record its deep appreciation for Paithankar's leadership, commitment, and valuable contributions during his tenure, during which the Company strengthened its operational capabilities, expanded its footprint, and built a robust foundation for long-term growth, the filing stated.

The firm said that based on the recommendation of the Nomination and Remuneration Committee, the board has approved the appointment of Jignesh Rathod (presently designated as Director - Operations) as Chief Executive Officer-Designate (CEO-Designate) of the Company with immediate effect.

Rathod will work closely with the outgoing CEO during the transition period.

The Board further approved the appointment of Rathod as Chief Executive Officer and Key Managerial Personnel with effect from May 16, 2026, or such earlier date as may be notified, consequent upon earlier relieving of Paithankar as WTD & CEO, the filing stated.

The firm said that Rathod has been responsible for overseeing the end-to-end operations across Waaree Energies’ manufacturing facilities and “has played a pivotal role in scaling production capacities, driving operational efficiencies, strengthening quality systems, and supporting the company’s expansion and modernisation initiatives.”

Waaree Energies has a total market capitalisation of ₹84,293.17 crore, as of December 30, 2025, according to data on the NSE.