Waaree, Premier Shares Drop Up To 15% After U.S. Imposes 126% Duty On Indian Solar Imports

Domestic solar stocks declined sharply on February 25 after the U.S. Department of Commerce announced preliminary countervailing duties of 126% on solar imports from India. The department said the rates were based on findings that foreign subsidies enabled exporters to undercut domestic U.S. solar manufacturers.

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Shares of Waaree Energies and Premier Energies dropped as much as 15% during the trading session, according to stock exchange data. Vikram Solar also traded lower following the announcement.

Duties Also Imposed On Indonesia, Laos

The Commerce Department set preliminary duties ranging from 86% to 143% on imports from Indonesia and 81% on imports from Laos. The department stated that these rates reflect its determination that exporters from these countries benefited from subsidies that distorted competition in the U.S. market.

India, Indonesia, and Laos together accounted for 57% of solar module imports into the U.S. in the first half of 2025, according to BloombergNEF. The Commerce Department said solar imports from India were valued at $792.6 million in 2024, more than nine times the value recorded in 2022.

The department added that these duties are separate from the broader reciprocal tariffs announced earlier by President Donald Trump. The U.S. Supreme Court struck down sweeping global tariffs last week. Subsequently, a 10% tariff came into effect, with the administration indicating it could be raised to 15%, according to official announcements.

Investigation And Next Steps

The preliminary duties follow a petition filed by the Alliance for American Solar Manufacturing and Trade seeking an investigation into alleged subsidy practices. The Commerce Department said a final determination in the countervailing duty investigation is scheduled for July 6. A concurrent anti-dumping duty probe covering solar cells imported from India, Indonesia, and Laos is also underway.

The imposition of preliminary duties of 126% on Indian solar imports and the scheduled July 6 final determination are expected to remain key factors for companies with exposure to the solar market of the U.S.