Shares of Indian solar equipment makers tumbled on Wednesday after the U.S. Department of Commerce announced preliminary countervailing duties on solar imports from India and select Asian nations. The move triggered sharp selling across the sector, with investors reacting to the steep tariff measures aimed at offsetting alleged government subsidies.
Waaree Energies Ltd dropped as much as 15% during intraday trade before trimming losses to around 11%, marking its worst-ever session. Premier Energies Ltd slid up to 14.2%, while Vikram Solar Ltd fell as much as 7.8%, with both stocks recovering slightly later in the session.
According to a Commerce Department fact sheet, U.S. officials set a preliminary subsidy rate of 125.87% on solar cells and panels imported from India. The duties, which also target manufacturers in Indonesia and Laos, are intended to counter what Washington views as unfair state support. The affected Indian companies have yet to issue official responses.
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