Shares of Premier Energies and Waaree Energies hit a lower circuit at market open on Wednesday after US President Donald Trump set preliminary duties of 126% on solar imports from India after determining the country unfairly subsidised manufacturing.
Both stocks opened with cuts of 10%, hitting the lower circuit as the market reacted to the potential implications of a steep 126% duty on solar imports. They have since fallen further, with Waaree Energies trading with cuts of up to 15%.
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Premier Energies and Waaree Energies are two of the most impacted companies, with both firms having a significant export exposure in the US.
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In addition to Premier Energies and Waaree Energies, Vikram Solar is also facing immense pressure in trade on Wednesday, with cuts of more than 5%.
In addition to slapping a 126% duty on Indian imports, the Trump administration also announced steep duties amounting to 143% for Indonesia and 81% for Laos.
To put things into perspective, India, Indonesia and Laos supplied 57% of US solar module imports in the first half of 2025, with India's solar exports to the US in 2024 standing at $792.6 billion, which is a 9x jump from 2022.
Trump's steep duties on solar imports are seen as a move to protect domestic solar manufacturers, as cheap imports were hurting local production. It must also be noted that duties are separate from the global tariffs imposed.
As far as the Indian impact is concerned, Waaree Energies is the largest solar module exporter to the US and has major exposure in the country. It will be directly impacted due to the 126% duty on solar imports.
The same can be said for Premier Energies, which had become a growing export-focused player. To that end, US demand slowdown could impact growth plans, whereas the US was a key opportunity market for Vikram Solar as well.
ALSO READ: US Sets Initial Duties On Indian Solar Imports At 126%
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