The U.S. is reportedly investigating Waaree for evading antidumping and countervailing duties.
Waaree Energies’ share price fell 6.2% to ₹3,232.3 on Friday, following reports that the U.S. is investigating the company for allegedly evading antidumping and countervailing duties on solar cells.
The stock is on track for a fourth decline in five sessions, shedding nearly 8%.
US Investigation
According to reports, the U.S. Customs and Border Protection (CBP) has launched an investigation into the company and Waaree Solar Americas over concerns that it may have circumvented tariffs on Chinese-made solar cells and panels by labelling them as India-made.
The probe was initiated following requests from the American Alliance for Solar Manufacturing Trade Committee, a coalition of domestic solar manufacturers, which flagged potential violations in letters to the agency earlier this year.
In a memo to Waaree’s attorneys and the trade committee, CBP expressed “reasonable suspicion” that certain imported products were improperly labeled, despite being liable for longstanding antidumping and countervailing duties on solar goods from China and other Asian countries.
As part of the investigation, the agency is taking steps to protect U.S. revenues, including requiring cash deposits from Waaree while the review continues.
Stock Watch
Waaree Energies’ shares have gained over 13% so far this year. During the same period, peers Premier Energies declined 25% and Websol Energy System’s stock fell more than 26%.
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