Feb 25 (Reuters) – Shares of Indian solar equipment makers fell between 4% and 11% on Wednesday after the United States announced preliminary tariffs on solar energy imports from India and some other Asian countries.
Waaree Energies fell 15% before paring some losses and falling 11%. The stock is headed for its worst trading day ever.
Shares of Premier Energies and Vikram Solar fell 14.2% and 7.8% respectively before recouping some of their losses.
The U.S. Commerce Department said on Tuesday it would impose countervailing duties on solar cells and panels imported from companies in India, Indonesia and Laos, aiming to offset government subsidies that support manufacturers in those countries.
U.S. officials determined the general subsidy rate for solar imports from India to be 125.87%, according to a fact sheet posted on the department’s website.
Waaree Energies, Premier Energies and Vikram Solar did not immediately respond to Reuters’ requests for comment.
(Reporting by Anuran Sadhu in Bengaluru; Editing by Janane Venkatraman)
