Premier Energies Ltd. and Waaree Energies Ltd. extended their declines on Wednesday, taking losses over the past three trading sessions to as much as 7%, as investors continued to assess the impact of the government's decision to delay mandatory domestic solar cell sourcing for certain projects.
Premier Energies shares fell as much as 4% on Wednesday to Rs 1,007.20. The stock has declined up to 7% over the past three trading sessions.
Waaree Energies dropped as much as 1.7% to Rs 2,686.25, taking its three-day decline to 5.22%.
The stocks have remained under pressure since the Ministry of New and Renewable Energy extended the deadline for mandatory domestic solar cell sourcing for eligible solar power projects to Dec. 31, 2026.
The domestic sourcing rule, which came into effect on June 1, requires net-metering and open-access solar projects to use solar cells manufactured in India.
The ministry has pushed back the implementation deadline by seven months, giving developers and manufacturers more time to comply with the localisation requirement while domestic solar cell manufacturing capacity expands.
Premier Energies Managing Director Vinay Rustagi told NDTV Profit earlier this week that the extension would have no impact on the company's business or margins.
"We see no impact of the ALMM-II extension on our business," Rustagi said. He added that demand momentum is expected to continue in FY27 and that no orders were delayed in anticipation of the policy change.
Rustagi also said the company has started commercial production at its 11 GW manufacturing plant and that the proposed ALMM-III framework would require capital expenditure of more than Rs 50,000 crore over the next three years.
Catch all the live updates on stock markets here.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
