Solar module maker Waaree Energies' CEO resigns

India's top solar module manufacturer Waaree Energies said on Monday that its chief executive, Amit Paithankar, has resigned.

The company came under investigation in late September by U.S. customs officials to determine if it evaded U.S. tariffs on Chinese-made solar cells and panels by labeling them as made in India. The firm has refuted those allegations.

Shares of the company, the market leader in its sector, have shed 13.5% since September 25, trimming their year-to-date gains to 4.4%.

Paithankar, who is credited with delivering a blockbuster public listing of the firm and steering its expansions in the crucial U.S. market, will be succeeded by insider Jignesh Rathod, Waaree said.