US Imposes 126% Duty on Indian Solar Imports; Waaree, Premier Energies Shares Plunge 10%

• US imposes preliminary duties of 126% on solar imports from India, causing major Indian solar stocks to fall.
• Waaree Energies Ltd. and Premier Energies Ltd. shares dropped 10% intraday, while Vikram Solar Ltd. fell 5.72%.
• Duties are distinct from earlier reciprocal tariffs and aim to counter alleged foreign subsidies enabling price undercutting.
• Citi analyst Vikram Bagri suggests steep duties will make the US market largely inaccessible for Indian manufacturers.
• Indian solar imports to the US surged to $792.6 million in 2024, over nine times the 2022 level.