Shares of India’s Waaree Energies dropped 4.5 percent to ₹3,288.9 on Friday following news from US customs officials regarding an investigation into the solar panel manufacturer. Officials are examining whether Waaree circumvented tariffs on Chinese-made cells and panels by mislabeling them as products made in India.
According to a memo released by the US Customs and Border Protection (CBP), there is reasonable suspicion that Waaree did not label some of its imported items as being subject to antidumping and countervailing duties imposed by the US for several years. To safeguard US revenues during the ongoing investigation, the agency has indicated that it will require cash deposits from Waaree Energies.
As of now, Waaree has not provided a statement in response to requests from Reuters. Despite this setback, the company’s shares have increased by 37 percent since their trading debut in October 2024.
Published on September 26, 2025.
