Shares of, and witnessed a significant fall up to 10 per cent in early trade on Wednesday, after the administration of former U.S. President Donald Trump announced steep preliminary duties on solar imports from India.
Waaree Energies hit the lower circuit of ₹2,721.20, down 10 per cent, from the previous close of ₹3,023.50.
Premier Energies also traded at the lower circuit of ₹699.35, falling 10 per cent from the previous close of ₹777.05.
Waaree Energies stock movement today
Premier Energies stock movement today
According to reports, the US Commerce Department set preliminary countervailing duties of 126 per cent on solar products from India, citing findings that the country unfairly subsidized its solar manufacturing industry. According to the department, these subsidies enabled Indian exporters to undercut American solar producers, distorting competition in the US market.
The move sent shockwaves through Indian renewable energy counters, with investors reacting sharply to concerns over export prospects and revenue growth.
In addition to India, the US Commerce Department announced initial levies ranging from 86 per cent to 143 per cent on solar imports from Indonesia and 81 per cent on imports from Laos.
According to Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments, the duty imposed on solar panel imports from India is a negative for Indian exporters.
“The takeaway from this tariff decision is that exporters to the US are vulnerable to the whims and fancies of the US president,” Vijayakumar said.