Waaree Energies’ shares plunge more than 5 pc over US Customs probe

New Delhi, June 29 (SocialNews.XYZ) Shares of solar module maker Waaree Energies fell more than 5 per cent on Monday after the company issued a clarification on reports of a US Customs probe into its exports.

The company's shares declined as much as 5.25 per cent to an intraday low of Rs 2,851.50 on the BSE at around 12:30 pm.

In its clarification, the company said media reports had been "misread and overdone" and that the matter did not pose a material risk to its business.

It said the core allegation had not been substantiated and added that there had been no disruption to its US operations, manufacturing, customer deliveries or commercial activities.

"The Company's U.S. business continues to operate normally, and there is no impact on ongoing manufacturing, customer deliveries, or commercial operations," the company said in an exchange filing.

The clarification came after reports that US authorities were examining allegations that Waaree had indirectly sourced Chinese-made solar cells before exporting finished products to the United States as India-made modules, potentially helping customers avoid higher tariffs on Chinese imports.

The company said US Customs officials inspected its manufacturing facility in India and confirmed that no Chinese-origin solar cells were used in the shipments under review.

It added that the authorities had neither made any adverse findings nor held the company guilty of any wrongdoing.

Waaree further said the customs review related only to a limited number of historical import shipments and did not cover its broader US business or overall export operations.

It also clarified that no charges had been imposed on all imports.

In the long term, Waaree Energies' stock has shown negative performance, declining more than 9 per cent in the last one year, over 4 per cent in the last six months. The stock has touched a 52-week high of Rs 3,864.40 and a 52-week low of Rs 2,402 on the BSE.

Source: IANS