Waaree Energies tanks 15% on US imposing tariffs on solar cells
Waaree Energies's stock dropped as much as 15% in early trade on Wednesday after the US announced big new tariffs on solar cells from India, Indonesia, and Laos—hitting Indian exports hard.
The duties for India are set at a hefty 125.87%.
Other Indian solar companies also saw their shares slide
If you're following clean energy or investing in green tech, this is a big deal.
Other Indian solar companies like Premier Energies and Vikram Solar also saw their shares slide; the tariffs could make it tougher (and pricier) for firms with significant US exposure, such as Waaree and Vikram Solar.
Waaree's recent numbers look strong
Even with this blow, Waaree's recent results were described as strong, though the source did not provide specific quarter or year figures to verify the cited revenue and profit numbers.
Plus, they have a huge order book and a manufacturing unit in the US itself—which might help them weather some of these new challenges.