Waaree Energies Shares Drop 6% as Income Tax Department Conducts Searches at Company Premises

Shares of India’s largest solar module manufacturer

ee Energies Ltd plunged as much as 6% in early trade on Wednesday after the company disclosed that Income Tax Department officials visited several of its offices and manufacturing facilities. In a late-night exchange filing on November 18, Waaree Energies stated: “Certain officials from the Income Tax Department are visiting some of the offices and facilities of the Company. The proceedings are underway and the Company is extending its full co-operation to the officials.” The company provided no further details on the nature or scope of the search operations. Sharp Market Reaction The stock opened weak and hit an intraday low of ₹3,082, down 6% from Tuesday’s close of ₹3,280. By 9:55 am, shares were trading 4% lower at ₹3,156 on the BSE. Waaree Energies, which listed with a blockbuster 72% premium last month, has still delivered strong returns for investors in 2025, with the stock up ~17% year-to-date despite today’s decline.