Waaree Energies slips 6% after income tax department visits its offices

The selling pressure on the counter came after the income tax department visited some of the company's offices and its facilities in India for conducting an investigation

Waaree Energies shares slipped 6 per cent on BSE, logging an intra-day low at ₹3,085 per share.  At 9:22 AM, Waaree Energies' share price was down 4.15 per cent at ₹3,147 per share. In comparison, the BSE Sensex was down 0.09 per cent at 84,600.97.

 

The market capitalisation of the company stood at ₹90,520.59 crore. The 52-week high was at ₹3,864.4 per share, and the 52-week low was at ₹1,808.65.  CATCH STOCK MARKET UPDATES LIVE

Why were Waaree Energies shares falling in trade? 

The selling pressure on the counter came after the company informed investors that the income tax department visited some of the company’s offices and its facilities in India for conducting an investigation under the Income Tax Act, 1961. 

 

“We hereby inform that today, certain officials of the Income Tax Department visited some of the Company’s offices and its facilities in India for conducting an investigation under the Income Tax Act, 1961,” the filing read.

 

It added: The proceedings are underway, and the company is extending its full cooperation to the officials.

Waaree Energies Q2 results 

Waaree Energies reported a more than two-fold rise in consolidated net profit to ₹871.21 crore, as compared to ₹375.66 crore a year ago.

 

The company's total income rose to ₹6,226.54 crore in the quarter from ₹3,663.47 crore in Q2FY25. Waaree Energies' expenses also increased to ₹4,995.08 crore from ₹3,164.63 crore in the year-ago period.

 

Waaree Energies is an Indian manufacturer of solar PV modules with the largest aggregate installed capacity of 15.1 GW. Waaree has commissioned a 5.4GW cell manufacturing facility in Gujarat. Waaree Energies commenced operations in 2007, focusing on solar PV module manufacturing with an aim to provide quality, cost-effective, sustainable energy solutions across markets, and aid in reducing carbon foot-print, paving the way for sustainable energy, thereby improving quality of life. WEL has five solar module manufacturing facilities in India, with an international presence.

 

Its manufacturing facilities are located in Chikhli, Surat, Tumb, Nandigram in Gujarat, and Noida. Additionally, it operates a 1.6 GW module manufacturing facility in the USA.