Waaree Energies Shares Drop After Tax Dept Visits Offices

Shares of Waaree Energies slipped sharply on 19 November after the renewable energy company confirmed that officials from the Income Tax Department had visited several of its offices and facilities. The company disclosed the development through an exchange filing late Monday, noting that proceedings were still in progress and that it was cooperating fully with the authorities.

The update triggered immediate pressure on the stock when trading resumed Tuesday. By 9:55 am, Waaree Energies was down nearly 4% at Rs 3,156, after having fallen as much as 6% in early deals. The decline came despite the stock’s overall positive run this year, as it has already gained 17% in 2025.

Market participants reacted cautiously to the limited clarity around the nature of the visit, even as the company refrained from sharing additional details. The broader sentiment remained watchful as investors awaited further updates from official channels.

For now, the company’s confirmation of ongoing proceedings has set the tone for short-term volatility, with the market closely tracking any new information that may emerge.