Shares of Waaree Energies Ltd declined over 5% on Wednesday, Nov 19, after the company confirmed that officials from the Income Tax Department conducted searches at several of its offices and facilities across India on Tuesday, November 18.
In a filing to the stock exchanges, the solar solutions major said that the investigation was being carried out under the Income Tax Act, 1961.
The company added that the proceedings are ongoing and that it is extending full cooperation to the authorities.
The development comes just days after Waaree Energies reported strong Q2 FY26 results, posting a 130% year-on-year surge in net profit to ₹871 crore. Revenue for the quarter rose 69.96% YoY to ₹6,226.54 crore, while EBITDA jumped 155% YoY to ₹1,567.30 crore with margins improving sharply to 25.17%.
Despite the robust financial performance, the I-T search triggered investor nervousness, leading to a sharp fall in the stock during Wednesday’s session.
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