President Trump’s aggressive trade policy struck again Wednesday, as 126% tariffs on Indian solar imports ignited a fire sale in Mumbai’s solar stock segment. Labeling India’s subsidies as unfair, the US move aims to shield its manufacturers from cheap imports flooding the market.
Top casualty Waaree Energies watched its stock plummet 15% before clawing back to a 10.83% loss, closing at 2,697 rupees. Premier Energies stock tanked 14% during the session, ending 6.19% down at 728.95 rupees. Vikram Solar slid 7.76% overall, last quoted 5.67% lower at 174 rupees.
Indonesia and Laos joined the tariff hit list with 143% and 81% duties respectively. These nations supplied 57% of America’s solar modules in H1 2025. India’s shipments to the US hit $792.6 million in 2024, dwarfing 2022 volumes by nine times and stoking industry ire.
The action stems from a formal complaint by the US Solar Group, highlighting how foreign aid distorts competition. Indian solar players, riding high on US demand, now face a rude awakening. Export-dependent revenues could shrink, prompting a scramble for alternatives like Europe or Southeast Asia.
Broader market sentiment soured as well, with renewable energy indices under pressure. Experts predict short-term volatility but long-term adaptation through diversification. As companies huddle to strategize, this tariff saga underscores the fragility of global green energy supply chains amid rising protectionism.