Waaree Energies, Premier Energies shares slip up to 8% in early deals, here's why

Shares of Waaree Energies and Premier Energies tanked up to 8% in early deals on Friday after the US passed a bill accelerating phase-out of clean energy investment/production tax credits.

Waaree Energies faces risk from the bill as 57% of its order book is US-based. US market is also a key driver for Premier Energies' growth. 

Waaree Energies stock fell 7.89% to Rs 2753.55 against the previous close of Rs 2996.70 on BSE. Market  cap of the firm slipped to Rs 79,451 crore. 

The green energy stock saw a turnover of Rs 25.81 crore as 0.92 lakh shares changed hands on BSE today. Waaree Energies stock is trading lower than the 5 day, 10 day, 20 day but higher than the 30 day, 50 day and 100 day moving averages.

On similar lines, Premier Energies shares slipped 3.49% to Rs 1042 against the previous close of Rs 1083.85. Market cap of the company fell to Rs 46,790 crore. 

The clean energy stock saw a turnover of Rs 5.73 crore as 0.55 lakh shares changed hands on BSE today. 

Premier Energies stock is trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day and lower than the 5 day and 150 day moving averages.

In the US, shares of clean energy companies crashed following the vote. Project developers and manufacturers benefiting from the subsidies expressed concerns that a rollback could lead to factory closures, job losses, and higher electricity costs for households across the US.