Indian solar and renewable energy stocks remained under pressure in early trading on Wednesday, with Waaree Energies and Premier Energies tumbling as much as 15% after the United States announced steep countervailing duties on solar imports from India.
Waaree Energies dropped up to 14.6%, adding to losses after earlier hitting its lower circuit. Premier Energies fell more than 12%, Vikram Solar down 4.74% extending declines seen at the start of the session.
The US Commerce Department on Tuesday announced anti-subsidy duties on solar cells and panels from India, Indonesia and Laos, according to Reuters. General subsidy rates were set at 125.87% for India, 104.38% for Indonesia and 80.67% for Laos, as per US Commerce Department fact sheet cited by Reuters. US Government trade data indicated that the three countries accounted for $4.5 billion in solar imports last year, about two-thirds of the 2025 total, Reuters reported.
Major solar energy stocks in focus
A look at the top solar stocks that could be impacted –
Waaree Energies, a major module manufacturer, is also expected to see activity following the U.S. decision, given its exposure to export markets. US is a key market for Waaree Energies. However, Waaree Energies does have a plant in US and operates through its subsidiary in the United States.
Vikram Solar is one of India’s largest solar module manufacturers by operational capacity as of March 31, 2025. The company produces solar photovoltaic modules and also offers engineering, procurement and construction services, along with operations and maintenance support.
Premier Energies also operates as an integrated solar cell and module manufacturer. Its business includes solar power generation as well as the production of photovoltaic cells and other solar products. The company, though, has relatively small exposure to US.
US Commerce Department imposes countervailing duties
The Commerce Department’s action is part of a trade case brought last year by a group representing a section of the U.S. solar manufacturing industry. With this step, U.S. trade officials sided with domestic factory owners, finding that companies operating in India, Indonesia, and Laos benefited from subsidies that made American products less competitive, Reuters reported.
It marks the latest in a series of duties over more than a decade targeting low-cost solar imports from Asia, many of which are produced by Chinese-linked manufacturers, according to Reuters.
The department is expected to issue a separate ruling next month on whether companies from the three countries sold solar products in the United States at prices below their cost of production, Reuters added.
Previous tariff actions have altered trade flows. Imports from Malaysia, Vietnam, Thailand and Cambodia fell sharply after steep duties were finalised last year on shipments from those countries, which had dominated the U.S. market, Reuters reported.