Waaree Energies shares fall ~4% after US imposes anti-dumping duty
India faces steep 123% duty; Vikram Solar also declines
Export outlook under pressure as US targets Asian solar imports, final decision pending
Shares of Waaree Energies declined around 4% on Friday after the US Commerce Department imposed preliminary anti-dumping duties on solar cells and panels imported from India, Indonesia and Laos.
The stock was trading about 3.7% lower at ₹3,287.3 in afternoon trade, while Vikram Solar shares also slipped over 2%, reflecting investor concerns over potential impact on exports.
1 April 2026
Get the latest issue of Outlook Business
The US move comes as part of a broader push to protect domestic manufacturers, with federal trade officials concluding that companies from these countries were selling solar products at unfairly low prices in the US market.
According to a fact sheet released by the Commerce Department, preliminary dumping margins have been set at 123.04% for imports from India, 35.17% for Indonesia and 22.46% for Laos.
The three countries together accounted for nearly $4.5 billion in solar imports into the US last year, representing about two-thirds of total imports, highlighting the scale of potential impact.
Pressure on Export-focused Solar Players
The decision is expected to weigh on companies supplying to the US, one of the fastest-growing solar markets globally.
The petition was filed by the Alliance for American Solar Manufacturing and Trade, which includes companies such as First Solar, Qcells, Talon PV and Mission Solar. The group said the findings confirm that imported solar products were undercutting domestic manufacturers and distorting competition.
The US has previously imposed similar tariffs on solar imports from Southeast Asian countries including Malaysia, Cambodia, Vietnam and Thailand, as part of its ongoing trade measures in the sector.
The Commerce Department said it will announce a final decision on duties for imports from India and Indonesia around July 13, while a decision for Laos is expected by September 9.
It had earlier imposed preliminary countervailing duties on the three countries in February, adding to the regulatory pressure on exporters.
The latest development adds to uncertainty for Indian solar manufacturers with exposure to the US market, as higher duties could impact pricing competitiveness and export volumes going forward.
