Adani Energy's CFO quit. His replacement was waiting in the wings.
Kunjal Mehta left for personal reasons on May 30. Ashok Jagetiya, a 30-year Adani Group veteran, took over the next day.
— 1 earlier story on Adani Energy Solutions Ltd. →What's new
- CFO Kunjal Mehta resigned May 30, citing personal reasons, effective end of business that day.
- The board appointed Ashok Jagetiya as CFO the next morning, effective May 31.
- Jagetiya is a chartered accountant with 30 years at Adani Group, most recently CFO of Adani Green Energy.
Why this matters
An immediate, internal handover signals this was a planned transition, not a surprise exit. For a company in a heavy capex phase, continuity is the key fact. A stranger in the seat would have raised questions about funding plans.
What we're watching
- Any shift in Adani Energy's capex plans or financial strategy under the new CFO.
- Whether the 'personal reasons' for Mehta's exit warrant further disclosure.
- Jagetiya's first public commentary on the balance sheet and funding plan.
The full read
Adani Energy Solutions' CFO Kunjal Mehta left the company on May 30. The board replaced him within 24 hours. Ashok Jagetiya, a 30-year Adani Group veteran, was named CFO effective May 31. He previously ran the finances at Adani Green Energy and the group's Singapore entity. The immediate, internal handover removes the surprise factor from a C-suite exit at a company in the middle of a heavy capex cycle. A stranger would have raised questions. An insider raises fewer. The open question is whether Mehta's 'personal reasons' will remain just that.
Questions answered
- Why did Kunjal Mehta resign?
- The filing states the resignation was due to personal reasons. No further detail was provided.
- Who is Ashok Jagetiya and why was he chosen?
- Jagetiya is a chartered accountant with three decades of experience across Adani Group companies. He was previously CFO of Adani Green Energy and the group's Singapore entity, making him a known quantity within the conglomerate.
- How quickly did the board act?
- Mehta's resignation was effective at close of business on May 30. Jagetiya was appointed and took charge the next day, May 31.
- What does this mean for Adani Energy's projects?
- The company is in a significant capex and project execution phase. The immediate appointment of an experienced internal candidate is designed to ensure financial oversight continuity during this period.
Story so far
All notes on ADANIENSOL →- 30 May 2026 · 4:19 PM IST Adani Energy's CFO quit. His replacement was waiting in the wings.
- today Adani Energy picks up Intellismart for ₹3,050 cr in cash