Echovera

Other

Waaree Energies share price tanks 5% after I-T department conducts investigation. Do you own?

🔍 What’s happening

The company disclosed that officials from the Income Tax Department visited several of its offices and facilities in India for an investigation under the Income Tax Act.

The investigation reportedly covered multiple locations, including Mumbai, Chikhli (Gujarat), and Vapi (Gujarat), with ~25 teams allegedly involved.

In response, Waaree Energies said it is extending full cooperation to the authorities.

📉 Market reaction

Shares of the company fell sharply, down about 5% in one report.

Another report shows a drop of up to 6%, hitting around ₹3,075 at one point.

⚠️ Key implications

The investigation introduces regulatory risk for Waaree Energies, which could affect sentiment, future contracts, and supply‑chain confidence.

The timing is notable: the company had recently reported strong performance (for example, in Q2), so this issue adds caution for investors.

While the company says it is cooperating fully, details of the investigation (scope, findings) are still not publicly clear, so uncertainty remains.

✅ What to watch

Any further updates from the company on the investigation: filings, regulatory disclosures, status of the probe.

How the stock behaves in the coming sessions – whether the price drop stabilises or leads to further declines.

Impact on orders, contracts, and investor confidence in the solar manufacturing / renewable‑energy space (especially for Waaree’s large-scale manufacturing plans).

The company’s next earnings/business update release, to show if the investigation is mentioned and how it addresses it.