Waaree Energies led the carnage, with shares cratering 15% at one point before paring losses to end 10.83% down at 2,697 rupees. Premier Energies shares nosedived nearly 14% intraday, settling 6.19% lower at 728.95 rupees. Vikram Solar wasn’t spared, shedding 7.76% over the day and trading 5.67% weaker at 174 rupees.

The tariffs extend beyond India, hitting Indonesia with 143% duties and Laos with 81%. This trio dominated US solar module imports, capturing 57% share in early 2025. India’s exports to America ballooned to $792.6 million last year—nine times the 2022 figure—fueling complaints from US manufacturers.

Backed by the US Solar Group petition, the administration argues these measures protect American industry from unfair competition. For Indian firms, the blow is stark: the US is a key growth market for their expansion. With domestic demand steady but exports now at risk, executives may need to scout new markets or ramp up local manufacturing.

As trading wrapped, the sector’s future hangs in balance. Will this spark retaliatory measures from India, or force a reconfiguration of global solar trade? Investors remain on edge, awaiting company responses and potential policy shifts.