The stock price of Waaree Energies Limited nosedived on Wednesday after the US set countervailing duties of about 126% on solar cells and panels that are imported from India.
Subsidies and Duties
The Trump administration also set the initial duties of 86% to 143% for Indonesia and 81% for Laos after the US determined that the three countries received unfair government subsidies that place American products at a disadvantage.
The move comes after the US determined that the three countries received unfair government subsidies that place American products at disadvantage following a petition from the Alliance for American Solar Manufacturing and Trade.
The group asked the US government to conduct antidumping and countervailing duty investigations claiming that after an inquiry into whether the solar cells and panels from Cambodia, Malaysia, Thailand and Vietnam were being dumped into the American market at prices that made domestic companies unable to compete, the solar manufacturers in these countries moved their operation to India, Indonesia and Laos.
“[The same Chinese-backed companies wasted no time shifting operations to Laos and Indonesia, and companies in India joined in to continue undercutting American producers,” said Alliance lead attorney Tim Brightbill in a statement. “We have always said, vigorous enforcement of our trade laws is critical to the success of this industry.”
According to data from the US Commerce department, solar imports from India in 2024 were valued at $792.6 million, up by more than nine times the value in 2022.
Waaree Energies Share Price Down 15%
The development is weighing down on the stock price of Mumbai-headquartered solar panel manufacturer Waaree Energies.
The share price plunged to as low as ₹2,570 in today’s session, representing a drop of around 15% from the previous close of ₹3,023.50. The stock is currently trading for ₹2,684.10, down by 11.23%.
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