Shares of Waaree Energies Ltd dropped 2.90% to ₹3,345.10 in Thursday’s early trade, September 26, after reports emerged that the company is under investigation in the United States over alleged duty evasion on solar cells.
Bloomberg reported that the U.S. Customs and Border Protection (CBP) has initiated a formal investigation against Waaree Energies and its U.S. arm, Waaree Solar Americas Inc., while also imposing interim measures. The agency said it has “reasonable suspicion that the company evaded duties when bringing merchandise into the U.S.,” according to a copy of the order cited in the report.
The probe follows a complaint filed by the American Alliance for Solar Manufacturing Trade Committee, which alleged that Waaree mislabelled solar cells originating from China as Indian-made to bypass anti-dumping and countervailing duties levied on Chinese solar products.
At the time of writing, Waaree Energies has not issued any clarification or statement regarding the matter. The investigation could have significant implications for the company, given the importance of the U.S. market in global solar exports.
Shares of Waaree Energies have been highly volatile in recent weeks, and the fresh probe adds further uncertainty for investors tracking India’s renewable energy sector.
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