Waaree Energies Shares Plunge After Income Tax Department Investigates Offices, Facilities — Details Inside

Shares of Waaree Energies Ltd. have plunged in trade on Wednesday after the company was subjected to investigations from the income tax department on Tuesday.

The stock is currently trading at Rs 3,138, which accounts for a fall of more than 4%. Waaree Energies shares reached an intraday low of Rs 3,075, which compares to Tuesday's closing price of Rs 3,281.

The intense pressure on Waaree Energies' shares likely comes on the back of an unprecedent investigation from Income Tax officials, who have searched the company's offices and facilities, according to a filing to the exchanges.

According to some reports, the Income Tax department undertook a 'search and seizure' operation on Waaree Energies factories and offices. This was undertaken by close to 25 teams from Mumbai, Chikhli and Vapi starting with the company's 5.4 GW solar cell gigafactory in Chikhli.

Reports cited senior industry observers who termed the search and seizure operations "unprecedented" in scale and said that it displayed the amount of information the department had and the gravity of their investigation.

The department reportedly searched the residences/premises of the company's Chairman and Managing Director Hitesh Doshi and his brother Kirit Doshi in Vapi.

Reports cited those familiar with the matter who stated that the focus of the investigation is on financial records, transactions, and any irregularities linked to operations and expansion activities.

The teams are reportedly going through digital records, documents, and asset information.

Shares of Waaree Energies have given investors a return of just over 8% in the past 12 months. Since 2025, the stock has gained almost 10% and currently trades with a relative strength index of 36.82, which suggest neutral market sentiment.

Out of 10 analysts tracking the company, seven have a 'buy' rating on the stock, and three suggest 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a potential upside of 10.3%.