Waaree Energies shares crack up to 5% despite clarification on US customs determination; key details

Shares of Waaree Energies, one of the key players in the renewable energy sector, slipped nearly 5% on Monday, June 29. The stock was under pressure even after the company issued a clarification on a recent determination by the U.S. Customs and Border Protection (CBP).

In a stock exchange filing, the company said the CBP had confirmed, following a detailed investigation and on-site verification of its manufacturing facility in India, that Waaree did not export solar modules made using Chinese-origin solar cells to the United States.

The company also said the US agency acknowledged its full cooperation during the investigation, drew no adverse inference against it, and declined the petitioner's request to extend any evasion finding to all of Waaree's imports.

Importantly, the determination is not a final adjudication, it added.

Under applicable U.S. law, Waaree has the right to seek a de novo administrative review and thereafter, judicial review before the U.S. Court of International Trade. The company is currently evaluating all available legal remedies with its U.S. trade counsel.

De novo is a Latin phrase that translates to "anew," "afresh," or "from the beginning".

"Waaree remains committed to the highest standards of regulatory compliance, transparency, and governance. The company's U.S. business continues to operate normally, and there is no impact on ongoing manufacturing, customer deliveries, or commercial operations," the press release said.

Waaree added that it would continue to cooperate with the relevant authorities and will provide appropriate updates as and when required in accordance with applicable laws and regulatory requirements.

What is the issue?

The US has imposed steep anti-dumping and countervailing duties (AD/CVD) on solar cells and modules imported from certain countries, including China, Vietnam, and Malaysia, to prevent companies from bypassing trade rules.

In 2025, a coalition of US solar manufacturers alleged that Waaree had evaded these duties by importing solar cells from Southeast Asian countries and making incorrect declarations about the country of origin of some solar modules shipped to the U.S. That prompted the US Customs and Border Protection (CBP) to launch an investigation under the Enforce and Protect Act (EAPA).

Why did the stock fall?

Investors are reacting not just to Waaree's clarification but to the broader implications of the CBP determination.

The US is one of Waaree's most important export markets, so any regulatory scrutiny, potential tariffs, or prolonged legal proceedings could weigh on exports, margins, and investor sentiment—even though the company maintains that its current US operations continue normally and that it has been cleared of the allegation involving Chinese-origin solar cells.

Waaree Energies share price trends

Data show that the stock has slipped over 5.5% in the past five sessions, 7.5% in the past month, over 2.5% in the past six months, and nearly 2% so far in 2026 (year-to-date).