Shares of Waaree Energies fell up to 6% on November 19 a day after the firm said certain officials from the Income Tax Department visited some offices and facilities of the renewable energy firm.
It did not give further details about the investigation. "The proceedings are underway and the Company is extending its full co-operation to the officials," it said in an exchange filing.
At 9:55 am on November 19, Waaree Energies shares were trading 4% lower at Rs 3,156 apiece.
So far in 2025, the stock rose 17%.
Waaree Energies reported more than two-fold rise in consolidated net profit to Rs 871.21 crore in the July-September quarter on the back of higher revenues.
It had clocked a net profit of Rs 375.66 crore in the same period of the preceding 2024-25 financial year.
The company's total income rose to Rs 6,226.54 crore in the quarter from Rs 3,663.47 crore in Q2FY25.
Waaree Energies' expenses also increased to Rs 4,995.08 crore from Rs 3,164.63 crore in the year-ago period.
The board of the company had also approved a dividend of Rs 2 per equity share of face value of Rs 10 each for FY ending March 2026.
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