New Delhi: Investor sentiment around Waaree Energies took a hit today as the company came under scrutiny from domestic tax authorities, triggering a sharp decline in its stock price. Shares of Waaree Energies were trading 3.90% lower at ₹3,154.95 apiece on the Bombay Stock Exchange (BSE), following news of an Income Tax Department investigation.
On November 18, officials from the Income Tax Department visited multiple offices and facilities of Waaree Energies in Gujarat to conduct inquiries under the Income Tax Act, 1961. In an official statement, the company confirmed the visit, stating, “We hereby inform that today certain officials of the Income Tax (IT) Department visited some of the company’s offices and its facilities in India for conducting investigation under the Income Tax Act, 1961.” The company added that the proceedings are ongoing and it is fully cooperating with the authorities.
This development comes on the heels of an earlier investigation by US authorities into Waaree Solar Americas, the company’s Texas-based subsidiary. The US government had launched a probe into alleged duty evasion related to solar imports, raising concerns about compliance and regulatory oversight across jurisdictions.
Waaree Energies currently operates a 1.6 GW solar module manufacturing facility in Texas and was in the process of expanding it to 3.2 GW. The dual investigations—one in India for income tax matters and another in the US for trade-related issues—have cast a shadow over the company’s global operations and growth trajectory.
The mounting regulatory pressure has unsettled investors, with market analysts closely watching for further disclosures and outcomes from both investigations. While the company maintains that it is cooperating fully with authorities, the impact on its reputation and future expansion plans remains uncertain.
Waaree Energies is one of India’s prominent solar module manufacturers, and its international footprint has been a key driver of its growth strategy. The current scrutiny, however, underscores the importance of regulatory compliance and transparency in sustaining investor confidence and operational momentum.
