Waaree Energies shares tumbled over 9% today following a sharp sell-off in solar and clean energy stocks during the previous trading session on Wall Street. As of 10:26 AM, the shares were trading 9.29% lower at Rs 2,718.50.

The slump follows a major setback in the US, where several renewable energy giants like Sunrun and NextEra Energy witnessed heavy losses—some plunging as much as 37% in a single session.

The trigger? A new tax bill introduced by US President Donald Trump, which proposes significant rollbacks on clean energy incentives previously supported by the Biden administration under the Inflation Reduction Act. Key measures in the bill include eliminating grants for air pollution control, scrapping funding for electric heavy-duty vehicle adoption, and abolishing the 30% federal tax credit for residential solar rooftop installations.

The bill was narrowly passed in the US House of Representatives by a 215-214 vote and now moves to the Senate for further approval. Though it has not become law yet, the proposed changes have already sparked fears of weakened support for the global clean energy market.

Waaree, which has notable exposure to exports and the international solar market, is seen as particularly vulnerable to shifts in US policy.

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