Post by : Badri Ariffin

On November 19, shares of Waaree Energies faced a notable decline after the renewable energy firm disclosed that officials from the Income Tax Department had conducted visits to multiple offices and facilities. This information was officially communicated in an exchange filing late Monday, stating that the company is fully cooperating with the ongoing proceedings.

The revelation exerted immediate pressure on the stock as trading resumed on Tuesday. By 9:55 am, shares of Waaree Energies fell nearly 4% to Rs 3,156, after touching a decline of up to 6% in early trading hours. This decline occurred despite the stock's robust performance this year, having registered a gain of 17% in 2025.

Market participants exhibited caution due to the limited insights regarding the nature of the tax officials' visit, as the company chose not to disclose further particulars. Overall market sentiment remained careful while investors awaited additional updates from official sources.

Currently, the firm’s acknowledgment of the active proceedings has set expectations for potential volatility in the short term, with the market poised for any new developments that may arise.

#Global News #Dubai