Solar stocks crash: Waaree Energies slumps over 14%, Premier Energies down 12% as US tariffs bite

Solar Power

• US imposes 126% duties on Indian solar imports, stocks tumble
• Waaree Energies and Premier Energies shares fell over 12 percent
• Other solar stocks also declined, but losses were uneven

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Shares of Indian solar and renewable energy companies extended losses in early trade on Wednesday, with Waaree Energies and Premier Energies falling up to 15 percent after the US imposed steep countervailing duties on solar imports from India.

Waaree Energies shares slid as much as 14.6 percent to Rs 2,580.5 by around 9:30 am, deepening losses after hitting the lower circuit earlier in the session. Premier Energies stock was down over 12 percent at Rs 681.3, extending its decline from the opening bell.

The sharp selling followed a decision by the US Commerce Department to levy preliminary countervailing duties of about 126 percent on solar cell and panel imports from India, citing unfair government subsidies. The duties form part of a broader trade case covering imports from India, Indonesia and Laos.

Other solar stocks also traded lower, though losses were uneven. Vikram Solar fell nearly 7 percent, while Waaree Renewable Technologies declined over 6 percent. Solex Energy slipped close to 5 percent and Saatvik Green Energy was down nearly 3 percent. Borosil Renewables fell over 1 percent.

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In contrast, Servotech Renewable Power System was marginally higher, while Sterling and Wilson Renewable Energy traded mildly lower, indicating selective rather than broad-based selling across the sector.

According to a fact sheet issued by the US Commerce Department, subsidy rates were set at 125.87 percent for India, 104.38 percent for Indonesia and 80.67 percent for Laos. The action follows a petition filed last year by the Alliance for American Solar Manufacturing and Trade, which includes Hanwha Qcells, First Solar and Mission Solar, seeking relief from what it described as unfairly subsidised imports.

The current ruling marks the first of two determinations in the case. The Commerce Department is due to issue a separate decision next month on whether exporters from the three countries sold products in the US market at prices below their production costs, a finding that could lead to additional anti-dumping duties.

Imports from India, Indonesia and Laos were valued at about $4.5 billion last year, accounting for nearly two-thirds of total US solar imports in 2025, according to trade data cited by the department.

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