Waaree Energies shares fall over 6%; management says will co-operate in US investigation

Shares of Waaree Energies Ltd., India's largest manufacturer of solar panels, fell over 6% on Friday, September 26, on reports of the US investigating charges of the company evading anti-dumping and countervailing duties on solar cells.

Waaree Energies, in a clarification to the exchanges, stated that the company has in the past, co-operated with US investigations, and will continue to co-operate in the ongoing investigations as well.

The company's subsidiary, Waaree Solar Americas has an operational 1.6 GW module manufacturing facility in Texas, which is now being expanded to 3.2 GW. "We are working in a steadfast manner on our commitment to building manufacturing footprint in the US," the Waaree Energies statement said.

Bloomberg reported earlier in the day, that the US Customs and Border Protection has started a formal investigation of Waaree and Waaree Solar Americas Inc. and has also imposed interim measures as there is "reasonable suspicion that the company evaded duties when bringing merchandise into the US," the reported stated citing a copy of the order.

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

CNBC-TV18 has reached out to Waaree Energies seeking a comment on the story, and is awaiting a response.

Waaree Energies shares made their stock market debut in October 2024 and the stock price has already more than doubled in comparison to their issue price.

Shares of Waaree Energies are now trading 6% lower at ₹3,236.5. The stock has now given up all the gains it made during the last one month.