Shares of Waaree Energies Ltd dropped 4.67% to ₹2,996.80 in early trade on Wednesday, making it one of the top losers on the NSE. The sharp decline comes amid fresh concerns over U.S. trade relations after former U.S. President Donald Trump announced a 25% tariff on Indian exports, coupled with a penalty for the country’s continued purchase of oil and military equipment from Russia.
The market reacted swiftly, especially for companies like Waaree Energies, which have significant revenue exposure to the United States. According to recent data, 57% of Waaree’s revenue comes from the U.S., making it one of the most vulnerable firms if tariffs are implemented.
What Triggered the Fall?
Trump’s post, made Tuesday evening on Truth Social, stated:
“INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY… STARTING ON AUGUST FIRST.”
This announcement has spooked investors in export-heavy sectors, particularly solar energy, where Indian companies like Waaree dominate U.S. supply chains. The U.S. remains one of the largest markets for solar panel imports, most of which come from overseas.
If the new tariffs take effect, they could severely impact Waaree’s export margins and competitiveness, potentially leading to lower profitability or loss of market share in the world’s second-largest solar energy market.
Broader Impact on Indian Companies with High U.S. Exposure
Waaree isn’t alone. Other Indian companies with heavy U.S. revenue exposure also face downside risks, including:
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Mphasis (80%)
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Birlasoft (85.5%)
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Infosys (62%)
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TCS, Wipro, HCLTech (all 50%+)
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Gland Pharma (53%)
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Dr. Reddy’s, Aurobindo, Sun Pharma
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Arvind (51%)
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Sona BLW, Bharat Forge
Although Trump’s post was later deleted from X (formerly Twitter), the policy stands firm on Truth Social, and the August 1 deadline remains intact, as reiterated in a follow-up message.
Investor Outlook
Until there is official clarification from the U.S. administration or the Indian government, shares of high U.S.-exposed companies—especially exporters like Waaree Energies—may remain under pressure.
Investors are advised to monitor geopolitical developments and await further trade policy details, especially regarding potential exemptions or bilateral talks between New Delhi and Washington.
