Income Tax officials have launched an investigation at Waaree Energies Ltd’s offices and facilities, prompting market volatility and investor caution. The company, a leader in India’s renewable energy sector, is fully cooperating with authorities while also facing separate US probes related to solar import duties.
Waaree Energies Ltd, one of India’s largest solar equipment manufacturers and energy innovators, disclosed that Income Tax officials visited multiple company locations as part of an ongoing investigation under the Income Tax Act, 1961. The company has stated in its regulatory filings to the BSE and NSE that proceedings are underway and full cooperation is being extended to authorities.
Following the news, Waaree Energies Ltd’s shares declined by up to 6%, reflecting market sensitivity to regulatory inquiries. Despite recent revenue and profit growth, uncertainty over the scope and outcome of the investigation has shifted investor sentiment. The company reported a record quarterly income and robust profit in the latest financial results, underscoring its operational strength even as it faces scrutiny.
In addition, Waaree Energies Ltd is under investigation by the US government over alleged evasion of import duties on solar modules, further compounding regulatory challenges. Waaree has reiterated its commitment to complying with all legal and regulatory requirements in both jurisdictions.
Key Highlights:
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Income Tax Department investigating Waaree Energies Ltd’s offices and facilities under the Income Tax Act, 1961
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Waaree Energies Ltd extends full cooperation to authorities; regulatory proceedings ongoing
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Shares fell up to 6% following disclosure of investigations
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The company also faces separate US investigation for alleged duty evasion on solar imports
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Latest quarterly results show strong operating performance and income growth
Sources: Business Standard, India Today, Economic Times (Energy), Waaree Energies Ltd exchange filings