Waaree Energies shares crash 5%. Can this US ruling dent solar panel maker's image for long?

Waaree Energies shares fell 5 percent to Rs 2,860.40 on NSE, their lowest since March 17, after the US Customs and Border Protection issued a final determination on June 23, 2026, finding that the company had evaded anti-dumping and countervailing duties on solar cell imports from Vietnam and Malaysia between 2021 and June 23, 2026, with potential retroactive tariffs of up to 271.28 percent. The company clarified that the probe found no Chinese cells in its panels and that its ongoing US operations remain unaffected. JM Financial, maintaining an Add rating with a target price of Rs 3,185, noted that the CBP's finding of a four-year history of incorrect country-of-origin reporting carries reputational weight and could impact 65-70 percent of Waaree's Rs 53,000 crore order book, though downside appears limited as the agency did not impose a blanket adverse-inference ruling.