(Reuters) -Shares of India’s Waaree Energies fell 4.5% to 3,288.9 rupees on Friday after U.S. customs officials said they were investigating if the solar panels maker sidestepped tariffs on Chinese-made cells and panels by labeling them as made in India.
The U.S. Customs and Border Protection said in a memo on Friday that there was reasonable suspicion that Waaree had failed to label some of its imported products as subject to antidumping and countervailing duties Washington has imposed for years.
The agency said it was taking steps to protect U.S. revenues, such as requiring cash deposits from the renewable energy firm while the investigation is ongoing.
Waaree did not immediately respond to Reuters’ requests for comment.
Shares of the company have risen 37% since their trading debut in October 2024.
(Reporting by Aleef Jahan in Bengaluru, Editing by Harikrishnan Nair)
