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US Slaps 126% Countervailing Duty on Indian Solar Imports; Sector Stocks Slide

The United States has imposed a preliminary countervailing duty (CVD) of 126% on solar cells and modules imported from India, dealing a significant blow to Indian solar exporters. The decision has sparked concern across the domestic manufacturing industry, with officials indicating that affected companies may need to seek relief through legal channels rather than diplomatic engagement.

The market reaction was immediate. Shares of Waaree Energies fell over 10%, while Solex Energy declined nearly 8%. Websol Energy Systems dropped around 7%, Premier Energies slipped more than 6%, and Vikram Solar lost about 5%. Stocks of Saatvik Green Energy and Emmvee Photovoltaic Power also closed lower, reflecting investor anxiety over export prospects.

Industry observers described the ruling as striking at the core of India’s solar export business. MNRE Secretary Santosh Kumar Sarangi stated that with the duty now notified, impacted manufacturers would have to challenge it before the appropriate appellate authority.

The development adds uncertainty to India’s solar manufacturing ambitions, particularly at a time when companies have expanded capacity to tap overseas markets, including the US.

Separately, US President Donald Trump, in his State of the Union address, urged major American technology companies to build dedicated power plants to meet their growing data centre energy requirements. Citing pressure on the ageing US grid and rising electricity bills, Trump said large tech firms should take responsibility for securing their own power supply rather than relying solely on the public grid.