On the BSE, Waaree Energies tumbled 11.45% to Rs 2,678.75. Premier Energies slipped 5.76% to Rs 733, while Vikram Solar declined 4.24% to Rs 177.50, as renewable energy counters witnessed sharp selling pressure amid heightened volatility.
According to reports, the US Commerce Department has imposed preliminary countervailing duties of 126% on certain solar products imported from India, citing findings that Indian manufacturers benefited from unfair government subsidies. The department said these subsidies allowed exporters to offer products at prices that undercut American solar manufacturers, thereby distorting competition in the US market.
The development triggered a sharp sell-off in domestic renewable energy stocks, with investors factoring in potential headwinds to export volumes and revenue growth for these companies.
In addition to India, the US Commerce Department announced preliminary duties ranging between 86% and 143% on solar imports from Indonesia and 81% on imports from Laos.