Waaree Energies shares slide 7% on reports of US prob for evading duties

Waaree Energies shares Today: The US is reportedly investigating Waaree Energies for evading anti-dumping and countervailing duties on solar cells from China and other Southeast Asian nations

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Shares of Waaree Energies, the country’s largest solar panel manufacturer, dropped nearly 7 per cent on Friday, amid an investigation by the US to check for evasion of anti-dumping and countervailing duties on solar cells from China and other Southeast Asian countries. 

US Customs and Border Protection has started a formal investigation on Waaree and Waaree Solar Americas Inc and imposed interim measures because there is reasonable suspicion the company evaded duties when bringing merchandise into the US, according to a public notice by the agency obtained by Bloomberg. 

Waaree sells products such as solar modules and inverters. 

The company’s shares have more than doubled since its listing in October 2024 on an optimistic outlook for the Indian renewable sector, whose development has become a focus for the government, even as it has suffered a setback after the US imposed punitive tariffs on the country. 

Currently, Waaree is valued at ₹92,255 crore. 

“Waaree has in the past cooperated with the US investigations and will continue to cooperate in ongoing investigations,” the company said in a statement, adding that it abides by all applicable local laws and regulations in every country that it operates.

  The company also said it is working to expand its manufacturing footprint in the US. 

The probe is being launched in response to an allegation by the American Alliance for Solar Manufacturing Trade Committee that Waaree was mislabeling solar cells that originated in China as coming from India to avoid tariffs on Chinese solar products. 

 

With inputs from Bloomberg