US Impose Heavy Duties on Indian Solar Imports, Stocks Plummet

The solar industry faced a significant hit as the United States unveiled a preliminary countervailing duty of 125.87% on certain Indian solar imports.

The announcement led to a swift decline in shares of Indian companies such as Waaree Energies and Premier Energies, which saw substantial drops on the stock market. The duty claims that Indian solar goods unfairly benefit from subsidies, allowing them to undercut US manufacturers.

Further duties were applied to imports from Indonesia and Laos, with the US alleging similar unfair practices. Market analysts, like Siddhartha Khemka, noted that domestic sentiment in India was notably dampened by these developments.