Shares of Waaree Energies Ltd are under heavy pressure on Friday, affter reports of the US Commerce Department announcing preliminary antidumping duties on solar cells and panels imported from India, Indonesia and Laos surfaced. This marks the latest set of tariffs imposed over a decade on solar imports from Asia.
Waaree Energies shares have slumped to a low of over 5% in early trade, and are trading 4.26% lower at Rs 3,267 apiece as of 9:30 am. The stock has corrected 10.81% year-to-date.
In a fact sheet posted on the Commerce Department's website, the agency estimated preliminary duty rates, also known as dumping margins, which is around 123.04% for Indian imports, 35.17% for imports from Indonesia, and 22.46% for imports from Laos.
With the latest move, federal trade officials supported domestic solar factory owners in finding that companies operating in the three countries dumped cheap goods in the American market, Reuters reported.
Last year, these three countires accounted for $4.5 billion in US solar imports, nearly two-thirds of the total, according to government trade data.
ALSO READ: US Announces Preliminary Antidumping Duties On Solar Imports From India, Indonesia, Laos
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