- Waaree Energies offices were visited by Income Tax officials for an investigation under the IT Act.
- The investigation involved around 25 teams focusing on the company's solar gigafactory and financial records.
- Searches included residences of Chairman Hitesh Doshi and his brother in Vapi.
Shares of Waaree Energies will be in focus heading into Wednesday's trading session following reports of an Income Tax Department investigation into their offices.
The solar energy solutions provider confirmed on Tuesday that officials from the Income Tax Department visited their offices and facilities as part of an investigation under the Income Tax Act, 1961.
"We hereby inform that today certain officials of the Income Tax Department visited some of the Company's offices and its facilities in India for conducting an investigation under the Income Tax Act, 1961," the company said in a filing to the exchanges.
Waaree Energies added that the company is fully cooperating with the Income Tax Department officials.
According to some reports, the Income Tax department's investigation 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 added 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 closed 0.39% lower at Rs 3,281.90 apiece on the NSE, compared to a 0.4% fall in the benchmark Nifty. The stock had risen 14.97% on a year-to-date basis.
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%.
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