Waaree Energies share price dropped nearly 20 percent in the last three sessions on fears of a decline in renewable energy exports to the United States.
President-elect Donald Trump, in his victory speech, mentioned that he would stop renewable projects on “day one” of his office. Currently, several large Indian firms export solar modules to the US.
Waaree Energies stock declined 6.66 percent on November 11 to its intraday low of Rs 2,924.80 per share on the NSE. It opened gap down with a loss of 2 percent today. The scrip has been on a declining trend for the last three trading sessions, down by 19.18 percent.
Analyst believes that some Indian companies, like Waaree, have a US export component in their revenue and may need to adjust their expansion plans if the US prioritises domestic manufacturing.
The major effects will be felt over the medium term, within three to four years, though “the short-term impact is expected to be minimal," Rupesh Sankhe, Senior Analyst at Elara Capital told Moneycontrol in its earlier report.
India's renewable majors could face the chill as Trump reiterates anti-clean energy stance
Shares of the company were listed two weeks back on October 28 at Rs 2,500, commanding a premium of 66.3 percent over the issue price of Rs 1,503 per share on the National Stock Exchange (NSE).
Waaree Energies currently operates five manufacturing plants across India, with locations in Surat, Tumb, Nandigram, and Chikhli in Gujarat, as well as IndoSolar in Noida, Uttar Pradesh.
