Waaree Energies, Premier Energies shares tumble

New Delhi, Feb 25 (PTI) Shares of companies related to solar sector tumbled on Wednesday after the US announced a preliminary countervailing duty of 125.87 per cent on imports of certain Indian solar goods.

The stock of Waaree Energies dropped 10.47 per cent, Premier Energies dived 6.27 per cent, Vikram Solar declined 5.45 per cent and Sterling and Wilson Renewable Energy dipped 1.05 per cent on the BSE.

During the day, shares of Waaree Energies tumbled 14.99 per cent, Premier Energies tanked 14.23 per cent, Vikram Solar fell 7.47 per cent and Sterling and Wilson Renewable Energy dipped 2.36 per cent.

The US has announced a preliminary countervailing duty of 125.87 per cent on imports of certain Indian solar goods, alleging that these products are unfairly subsidised by New Delhi.

The US has also announced different duties on the imports of 'Crystalline Silicon Photovoltaic Cells, Whether or Not Assembled into Modules' from Indonesia and Laos.

"On February 24, 2026, the US Department of Commerce announced its preliminary affirmative determinations in the countervailing duty investigations of crystalline silicon photovoltaic cells, whether or not assembled into modules (solar cells), from India, Indonesia, and the Lao People's Democratic Republic (Laos)," a US order said.

These duties are over and above the 10 per cent tariffs announced by the Donald Trump administration on all countries from February 24.

According to the order, solar imports from India into the US increased to USD 792.6 million in 2024 from USD 83.86 million in 2022.

"Domestically, sentiment was dampened after the US Commerce Department imposed a preliminary duty of 126 per cent on solar imports from India, citing unfair manufacturing subsidies that enabled exporters to undercut US producers," Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd said. PTI SUM SUM ANU ANU