Waaree Energies Shares Crash 15% as US Slaps 126% Duty on Indian Solar Imports; Green Energy Stocks Slide

Renewable energy stocks today are facing heavy selling pressure on February 25 after the United States imposed sharp countervailing duties on solar imports from India. Post the announcement, stock market today opened with a sharp fall in frontline solar companies, like Waaree Energies shares crashing over 14% in early trade, its sharpest single-day decline in recent months.

Waaree Energies shares plunged as much as 14.9% to Rs. 2,570 intraday on the NSE in early trade. Other solar stocks like Premier Energies and Vikram Solar are also under pressure.

Premier Energies shares fell over 14% in morning trade, touching an intraday low of Rs. 666 on the NSE before recovering partially to trade around Rs. 734.85, down 5.43% at the time of writing.

Similarly, Vikram Solar shares tumbled as much as 7.7% this morning and are currently trading at Rs. 176.90 apiece on the NSE, dropping by 4.58% at the time of writing.

Selling was not limited to large players. Solar-linked counters across the board experienced sharp declines: Insolation Energy shares slumped 12.78% to Rs. 100, while Websol Energy System fell 3.67% to Rs. 58.86.

Why Solar Stocks Are Falling?

The primary reason behind the solar stocks dropping today is the latest update coming from the US, where the Commerce Department imposed preliminary countervailing duties on solar cell and panel imports from India, Indonesia, and Laos, announced on February 24. According to a fact sheet issued by the US Commerce Department, subsidy rates were set at 125.87% for India, 104.38% for Indonesia and 80.67% for Laos.

These duties target alleged subsidies, affecting exports valued at $4.5 billion in 2025, which made up nearly two-thirds of US solar imports, as per trade data cited by the department.

The imposition of a 125.87% duty on Indian solar imports could majorly impact export competitiveness and margins for Indian manufacturers targeting the US market.

While further developments in the US trade case are still in focus, volatility in renewable energy stocks may persist.

Trade Uncertainty After US Supreme Court Ruling

The latest solar duty can be a result of the broader trade policy turbulence in the United States.

Recently, the Supreme Court of the United States invalidated the "Liberation Day" tariffs announced by Donald Trump in April 2025. The court held that the authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA) rests with Congress, not the President.

However, tariffs imposed under Section 232 (national security) and Section 301 (unfair trade practices) remain unaffected.
In response, President Trump invoked Section 122 of the Trade Act to impose a temporary 15% global tariff for up to 150 days.

As per a report by JM Financials, "the Supreme Court ruling may be structurally positive for emerging market (EM) economies, including India, as it limits unilateral tariff weaponisation. However, it also increases short-term policy uncertainty in the US."

"The court's decision and subsequent tariff adjustments are expected to increase volatility in global trade flows. In the interim, we see rising appetite for safe-haven assets like gold, while concerns over US debt and slowing growth may pressure the US dollar and provide some cushion to EM currencies, including the Indian rupee (INR)," the report further added.

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