Waaree Energies shares fall 5% after US Customs probe reports
Synopsis
Waaree Energies saw its stock drop over 5% after reports emerged that US Customs was probing whether the solar module maker routed Chinese-made cells through India to dodge US tariffs. The company denied wrongdoing and said a facility inspection cleared it — but with the review ongoing, investor nerves are unlikely to settle quickly.
Key Takeaways
Waaree Energies shares fell 5.25 per cent to an intraday low of ₹2,851.50 on the BSE on 29 June .
Reports alleged the company indirectly sourced Chinese-made solar cells before exporting modules to the US , potentially helping customers avoid tariffs on Chinese imports.
The company called media coverage 'misread and overdone' and said no adverse findings had been made against it.
US Customs inspected Waaree's Indian manufacturing facility and found no Chinese-origin cells in the shipments under review.
The review covers only a limited number of historical shipments and does not affect broader US operations.
The stock is down more than 9 per cent over the past year, with a 52-week high of ₹3,864.40 and a 52-week low of ₹2,402 .
Shares of solar module maker Waaree Energies tumbled more than 5 per cent on Monday, 29 June after the company issued a formal clarification addressing reports of a US Customs probe into its export shipments. The stock slid as much as 5.25 per cent to an intraday low of ₹2,851.50 on the BSE at around 12:30 pm IST.
What Triggered the Sell-Off
Reports had surfaced alleging that US authorities were examining whether Waaree had indirectly sourced Chinese-made solar cells before exporting finished modules to the United States under an India-origin label — a practice that, if substantiated, could help customers sidestep higher tariffs imposed on Chinese solar imports. The allegations were enough to rattle investors, sending the stock sharply lower in early trade.
What the Company Said
Waaree moved quickly to contain the damage, filing a clarification with stock exchanges in which it described media coverage as having been 'misread and overdone'. The company stated that the core allegation had not been substantiated and that there had been no disruption to its US operations, manufacturing, customer deliveries, or commercial activities.
'The Company's U.S. business continues to operate normally, and there is no impact on ongoing manufacturing, customer deliveries, or commercial operations,' Waaree Energies said in its exchange filing.
Customs Inspection Findings
US Customs officials, according to the company, had physically inspected its manufacturing facility in India and confirmed that no Chinese-origin solar cells were used in the shipments under review. Waaree added that the authorities had neither made any adverse findings nor held the company guilty of any wrongdoing. The customs review, it clarified, related only to a limited number of historical import shipments and did not cover its broader US business or overall export operations. The company also stated that no charges had been imposed on all imports.
Stock Performance in Context
The intraday decline adds to an already difficult stretch for Waaree Energies on the bourses. The stock has shed more than 9 per cent over the past one year and over 4 per cent in the last six months. Its 52-week high stands at ₹3,864.40, while its 52-week low is ₹2,402 on the BSE — underscoring the volatility investors have faced. This comes amid broader scrutiny of Indian solar exporters as the US tightens enforcement of tariff-circumvention rules targeting Chinese supply chains.
What Happens Next
With no adverse findings announced and operations reportedly unaffected, the immediate regulatory risk appears contained — though the probe itself has not been formally closed, and investor sentiment may remain cautious until there is a definitive resolution. Analysts will watch whether US Customs widens its review beyond the historical shipments currently under examination.
Point of View
Contextualise, and contain. But the market's 5-per-cent verdict suggests investors are not fully reassured, and rightly so. The probe, however limited in scope, touches the most sensitive nerve in the global solar trade: tariff circumvention via third-country routing. With the US aggressively enforcing anti-circumvention rules on Chinese solar supply chains, any Indian exporter under the lens faces reputational risk that outlasts the legal outcome. The real question is not whether Waaree is cleared — it may well be — but whether the episode prompts US buyers to demand more rigorous origin documentation, raising compliance costs across the Indian solar export sector.
NationPress
29 Jun 2026
Frequently Asked Questions
Why did Waaree Energies shares fall on 29 June?
Waaree Energies shares fell more than 5 per cent on 29 June after reports emerged that US Customs was probing allegations that the company had sourced Chinese-made solar cells and exported the finished modules to the US as India-origin products. The stock hit an intraday low of ₹2,851.50 on the BSE.
What is the US Customs probe against Waaree Energies about?
The probe involves allegations that Waaree indirectly sourced Chinese-made solar cells before exporting finished modules to the United States, potentially allowing customers to avoid higher tariffs on Chinese solar imports. The company has denied the allegation and says no adverse findings have been made.
What did Waaree Energies say in its clarification?
Waaree said media reports were 'misread and overdone' and that the core allegation had not been substantiated. It stated that US Customs inspected its Indian facility and confirmed no Chinese-origin cells were used in the shipments under review, and that no charges had been imposed on all imports.
Does the probe affect Waaree's US business operations?
According to the company, there has been no disruption to its US manufacturing, customer deliveries, or commercial activities. The customs review is limited to a specific set of historical import shipments and does not cover its broader US export operations.
How has Waaree Energies stock performed over the past year?
Waaree Energies shares have declined more than 9 per cent over the last one year and over 4 per cent in the last six months. The stock's 52-week high on the BSE is ₹3,864.40 and its 52-week low is ₹2,402.
