Waaree Energies Shares Tank on US Probe

New Delhi, Sep 26 (PTI) Shares of Waaree Energies on Friday tanked nearly 7 per cent following reports that the US is probing the company for alleged duty evasion on solar imports.

The stock tumbled 6.93 per cent to settle at Rs 3,207.30 apiece on the BSE. During the day, it cracked 7.65 per cent to Rs 3,182.40.

On the NSE, the stock dropped 6.89 per cent to Rs 3,207.60.

Waaree Energies on Friday said it will continue to cooperate with the US government in ongoing investigations against the company for alleged evasion of duty on solar imports.

In an exchange filing, the company said the US is a very important manufacturing base in its expansion ambitions.

"Waaree has in the past co-operated with the US investigations and will continue to co-operate in ongoing investigations," the company said in response to media reports saying the US is probing the company for alleged duty evasion on solar imports.

The company's subsidiary -- Waaree Solar Americas -- has an operational 1.6 GW module manufacturing facility in Texas, which is being expanded to 3.2 GW.

Waaree Energies Limited (WEL) is among India's largest manufacturers of solar PV modules.