Overview

• U.S. Customs and Border Protection launched a formal investigation into Waaree Energies and Waaree Solar Americas on reasonable suspicion of evading anti-dumping and countervailing duties.
• The case stems from an allegation by the American Alliance for Solar Manufacturing that Waaree declared Chinese-origin solar cells as Indian-made to avoid U.S. trade measures.
• CBP has put interim measures in place during the inquiry, and some reports say the agency is requiring cash deposits against imports.
• Waaree said it has cooperated and will continue to cooperate with U.S. authorities, as BSE and NSE sought clarification and the stock fell as much as about 8% intraday.
• The probe comes within a broader U.S. trade enforcement push, including steep duties on several Southeast Asian suppliers and an August Commerce review of modules from Indonesia, Laos and India.