The big news related to India’s solar company Wari Energy is coming out. The US Customs Department has started investigation against the company on charges of solar theft. According to American custom officials, the company has sold the tag of Made in India on a cell and panel made in China to avoid tax. Since America is strict to prevent Chinese dumping, the company is now falling on the company. The impact of this news is also being seen on the shares of Wari, till the news is written, the company’s shares have broken more than 6 percent.
The US Customs and Border Security Department has revealed the investigation in a memo sent to the lawyers of the Wari and the American Alliance for Solar Manufacturing Trade Committee. This committee is an alliance of domestic solar power manufacturers who wrote a letter to the agency earlier this year requesting an inquiry. The agency in the memo said that there is a proper doubt that Wari has failed to impose antidification and compensation on some of its imported products, which has been imposed on the solar cells and panels made in China and other Asian countries over the years.
Company’s answer
The company said that it is taking steps to protect America’s tax income, such as to deposit cash from the company till the investigation is completed. Wari’s lawyer has not given any reply yet. The spokesperson of the company could not be contacted after office time. In the last two years, since the Department of Commerce imposed tariffs on products from four southeast Asian countries, the import of solar panels from India to the US has increased greatly. These panels are a major part of America’s supply. America has been putting tariffs on China’s solar panels for more than a decade.
The condition of shares of Wari Energyz
The impact of this decision from the US Customs Department is being seen on the company’s shares. Wari shares are trading with a rise of about 6.60 percent today. The stock of the solar company has a terrible selling hobby. By the time the news is written, its stock has come down by about Rs 228 to 3,217.60. At the same time, the company’s performance has been excellent in the last 6 months. The shares of this solar company of the country have given good returns to investors in the last 6 months. In the last 6 months, this stock has run around 33 percent.