Shares of Indian solar and renewable energy companies plunged in early session on Wednesday after the US Commerce Department imposed preliminary countervailing subsidies of about 125.87 per cent on solar cell and panel imports from India. 

Waaree Energies fell as much as 14.6 per cent to Rs 2,580.50, hitting the lower circuit, and later regained to Rs 2,724, down 9.90 per cent. Premier Energies dropped 4.57 per cent to Rs 741.55 after earlier dipping to an intra-day low of 666.90.

Vikram Solar slid nearly 7 per cent, Waaree Renewable Technologies dipped over 6 per cent, Solex Energy slipped about 5 per cent, Saatvik Green Energy dropped nearly 3 per cent, and Borosil Renewables lost just over 1 per cent

According to a fact sheet issued by the US Commerce Department, the countervailing subsidies were imposed to unfair subsidies by exporting nations. 

The import subsidy rates were set at 125.87 per cent for India, 104.38 per cent for Indonesia and 80.67 per cent for Laos, following a petition by the Alliance for American Solar Manufacturing and Trade, which includes Hanwha Qcells, First Solar and Mission Solar.

The Commerce Department is working on another decision in March on whether exporters from the three countries sold products in the US at prices below production costs and an affirmative finding could trigger additional anti‑dumping duties.

Solar panel imports from India, Indonesia and Laos were valued at about $4.5 billion last year, amounting to around two‑thirds of total US solar imports in 2025, the data cited by the US department said.

The White House last week clarified that India would face a 10 per cent tariff temporarily from February 24. The Trump administration has indicated that additional tariff authorities may be invoked in the coming weeks.

During the press conference, Trump signalled those other statutes — including Sections 232 and 301 — remain available and could support further action.