Shares of solar companies came under heavy selling pressure on Wednesday morning after the United States imposed steep countervailing duties on solar imports from India. Waaree Energies and Premier Energies were among the worst hit stocks in early trade.
Waaree Energies shares fell sharply, sliding as much as 14.6% to Rs 2,580.5. The stock had also hit the lower circuit earlier in the session.
Data shows that the stock’s previous close was Rs 3,025.20. During the day, it touched a low of Rs 2,571.45, marking a fall of Rs 453.75 from the previous close, which translates to a drop of nearly 15%.
At the time of reporting, Waaree Energies was trading at Rs 2,686.60. Over the past six months, the stock has declined by Rs 464.50, or 14.74%. However, on a one-year basis, it is still up by Rs 417.85, or 18.42%, according to the latest data.
Premier Energies shares were also under pressure, falling over 12% to Rs 681.3, extending losses from the opening bell.
US IMPOSES STEEP DUTIES
The sharp fall in solar stocks followed an announcement by the US Commerce Department. The department said it would impose preliminary countervailing duties of about 126% on solar cell and panel imports from India. The move is part of a broader trade case covering imports from India, Indonesia and Laos.
According to a fact sheet issued by the US Commerce Department, subsidy rates were set at 125.87% for India, 104.38% for Indonesia and 80.67% for Laos. The department said the action was taken after finding that companies in these countries received government subsidies that made American products less competitive.
The decision came after a petition filed last year by the Alliance for American Solar Manufacturing and Trade. The group includes Hanwha Qcells, First Solar and Mission Solar. The petition had sought relief from what it described as unfairly subsidised imports.
This is the first of two decisions in the case. The Commerce Department is expected to issue another ruling next month to determine whether exporters from the three countries sold products in the US at prices below their production costs. If that happens, additional anti-dumping duties may be imposed.
Imports from India, Indonesia and Laos were valued at about $4.5 billion last year. These imports accounted for nearly two-thirds of total US solar imports in 2025, according to trade data cited by the department.
US trade officials said the duties are aimed at countering subsidies that support Asian solar industries. Over the past decade, the US has imposed several duties on solar imports from Asia, most of which are made by Chinese companies.
OTHER SOLAR STOCKS ALSO FALL
The selling was not limited to Waaree Energies and Premier Energies. Other solar and renewable energy stocks also traded lower, though the losses were uneven.
Vikram Solar fell nearly 7%. Waaree Renewable Technologies declined over 6%. Solex Energy slipped close to 5%, and Saatvik Green Energy was down nearly 3%. Borosil Renewables fell over 1%.
In contrast, Servotech Renewable Power System traded marginally higher, while Sterling and Wilson Renewable Energy was mildly lower. This suggests that while the sector faced pressure, the selling was not uniform across all stocks.
The sharp fall in Waaree Energies reflects investor concerns about the impact of the new US duties on export earnings. Since the US is a key market for solar exports, higher duties could affect pricing and demand.
For now, the sector remains under pressure as investors assess the possible impact of the duties and await the next decision from US authorities.
