Waaree Energies Shares Drop Amid US Probe Into Solar Tariff Evasion

Shares of India's Waaree Energies tumbled 4.5% to ₹3,288.9 following revelations of a U.S. Customs and Border Protection investigation into potential tariff evasion. The agency suspects the solar panel manufacturer mislabeled Chinese-made cells and panels as Indian-origin to bypass anti-dumping duties.

The CBP memo cited reasonable suspicion of non-compliance with long-standing trade remedies, prompting immediate revenue protection measures. Waaree now faces cash deposit requirements during the ongoing probe, though the company has yet to publicly address the allegations.

Despite the regulatory scrutiny, Waaree's stock remains 37% above its October 2024 IPO price—a testament to the renewable energy sector's resilience amid trade tensions. The case underscores growing enforcement of solar trade barriers as nations balance clean energy ambitions with domestic manufacturing interests.