Waaree Energies shares dive 6% as I-T dept conducts investigations
In an exchange filing, Waaree Energies said, "We hereby inform that today certain officials of the Income Tax Department visited some of the Company's offices and its facilities in India for conducting investigation under the Income Tax Act, 1961. The proceedings are underway and the Company is extending its full co-operation to the officials."
- Nov 19, 2025,
- Updated Nov 19, 2025 9:40 AM IST
Shares of Waaree Energies Ltd declined sharply in Wednesday's trade after the company disclosed that officials from the Income Tax (I-T) department conducted searches at some of its offices and facilities. The stock fell 6.04 per cent to a day low of Rs 3,085.
In an exchange filing, Waaree Energies said, "We hereby inform that today certain officials of the Income Tax Department visited some of the Company's offices and its facilities in India for conducting investigation under the Income Tax Act, 1961. The proceedings are underway and the Company is extending its full co-operation to the officials." The company did not provide further details on the nature or scope of the investigation.
Separately, the company's CEO, Amit Paithankar, recently stated that the company is transitioning from a pure solar photovoltaic (PV) module manufacturer into a broader clean-energy solutions provider. According to him, Waaree is building capabilities in battery storage, transformers, smart metering systems and next-generation building-integrated photovoltaics (BIPV).
Paithankar highlighted that these verticals are expected to strengthen Waaree's position as an integrated renewable energy player. He noted that the company is working to address the increasing demand for reliable solar modules, grid-supportive technologies and advanced metering solutions in India’s rapidly expanding clean energy ecosystem. The development of BIPV, he said, aims to tap into the growing potential of urban rooftops and commercial buildings seeking energy-efficient infrastructure.
The CEO reiterated that the company's long-term strategy is centred around becoming a comprehensive provider of renewable energy products and services. He added that the focus remains on operational performance, manufacturing scale and technology-driven growth.
Founded in December 1990, Waaree Energies is one of India's leading solar PV module manufacturers with a significant presence in domestic and export markets. As of September 2025, promoter shareholding in the company stood at 64.22 per cent.
Shares of Waaree Energies Ltd declined sharply in Wednesday's trade after the company disclosed that officials from the Income Tax (I-T) department conducted searches at some of its offices and facilities. The stock fell 6.04 per cent to a day low of Rs 3,085.
In an exchange filing, Waaree Energies said, "We hereby inform that today certain officials of the Income Tax Department visited some of the Company's offices and its facilities in India for conducting investigation under the Income Tax Act, 1961. The proceedings are underway and the Company is extending its full co-operation to the officials." The company did not provide further details on the nature or scope of the investigation.
Separately, the company's CEO, Amit Paithankar, recently stated that the company is transitioning from a pure solar photovoltaic (PV) module manufacturer into a broader clean-energy solutions provider. According to him, Waaree is building capabilities in battery storage, transformers, smart metering systems and next-generation building-integrated photovoltaics (BIPV).
Paithankar highlighted that these verticals are expected to strengthen Waaree's position as an integrated renewable energy player. He noted that the company is working to address the increasing demand for reliable solar modules, grid-supportive technologies and advanced metering solutions in India’s rapidly expanding clean energy ecosystem. The development of BIPV, he said, aims to tap into the growing potential of urban rooftops and commercial buildings seeking energy-efficient infrastructure.
The CEO reiterated that the company's long-term strategy is centred around becoming a comprehensive provider of renewable energy products and services. He added that the focus remains on operational performance, manufacturing scale and technology-driven growth.
Founded in December 1990, Waaree Energies is one of India's leading solar PV module manufacturers with a significant presence in domestic and export markets. As of September 2025, promoter shareholding in the company stood at 64.22 per cent.