24 Apr , 2026 By : Debdeep Gupta
Shares of Waaree Energies declined 4% on April 24 a day after the US Commerce Department announced preliminary anti-dumping duties on solar cells and panels imported from India, Indonesia and Laos, the latest in a string of tariffs imposed over a decade on solar imports from Asia. Vikram Solar shares also declined by 2%.
With the decision, federal trade officials sided with domestic solar factory owners in finding that companies operating in the three countries dumped cheap goods in the US market.
According to a fact sheet posted on the Commerce Department's website, the agency calculated preliminary duty rates, known as dumping margins, of 123.04% for imports from India, 35.17% for imports from Indonesia, and 22.46% for imports from Laos.
The three nations last year accounted for $4.5 billion in US solar imports, about two-thirds of the total, according to government trade data.
The decision is a blow to producers in those nations who were supplying goods to the fast-growing US market.
At 10:45 am on April 24, Waaree Energies shares were trading 4% lower at Rs 3,283.3 apiece while those of Vikram Solar were trading 2.2% lower at Rs 222.67 apiece.
The Alliance for American Solar Manufacturing and Trade, which filed the petition, includes Tempe, Arizona-based First Solar, Qcells, the solar division of Korea's Hanwha, and private companies Talon PV and Mission Solar.
"The preliminary determinations confirm that producers in these countries are dumping solar cells and modules into the U.S. market at unfairly low prices, undercutting American-made products and distorting market competition at a pivotal moment for the domestic manufacturing sector," the Alliance said in a statement.
The group has succeeded previously in winning tariffs on imports from countries in Southeast Asia including Malaysia, Cambodia, Vietnam and Thailand.
The Commerce Department said it would announce a final decision on or around July 13 for solar cells from India and Indonesia, and a decision for imports from Laos on or around September 9.
The agency also announced preliminary countervailing duties on the three countries in February.
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