Waaree Energies Faces US Investigation: Shares Plummet

Shares of Waaree Energies fell nearly 7% as the US probes its alleged duty evasion on solar imports. The company confirms cooperation with ongoing investigations, highlighting the significance of the US as a manufacturing hub. Waaree Solar Americas’ Texas facility is expanding its production capacity.

Shares of Waaree Energies dropped significantly by nearly 7% on Friday, following reports that the company is under investigation by US authorities for allegedly evading duties on solar imports. The stock closed at Rs 3,207.30 on the BSE, showing a decline after intense trading fluctuations.

On the NSE, Waaree shares displayed a similar trend, closing down 6.89% at Rs 3,207.60. The company's market performance reflected investor concerns over ongoing legal scrutiny in international markets.

Waaree Energies stated its commitment to cooperating fully with US investigations. Highlighting its strategic focus on the US market, a significant base for its global expansion, the company operates a solar PV module manufacturing facility in Texas, which is set to double its capacity.

(With inputs from agencies.)