Shares of Waaree Energies and Premier Energies tanked up to 8% in early deals on Friday after the United States handed an invoice accelerating the phase-out of easy energy investment/manufacturing tax credit. Waaree Energies Ltd Shares faces risk from the invoice as 57% of its order book is US-based. US market is a key driver for Premier Energies’ growth.
Waaree Energies shares fell 7.89% to Rs 2753.55 towards the previous close of Rs 2996.70 on BSE. Market cap of the company slipped to Rs 79,451 crore.
Waaree Energies Ltd Shares Decline to 8%
The green power stock saw a turnover of Rs 25.81 crore as 0.92 lakh shares modified hands on BSE today. Waaree Energies stock is trading reduce than the 5-day, 10-day, 20 days however, better than the 30 days, 50 days and 100-day moving averages. Premier Energies stocks slipped 3.49% to Rs 1042 against the preceding close of Rs 1083.85. Market cap of the company fell to Rs 46,790 crore.
What behind stock crash
The smooth energy stock noticed a turnover of Rs 5.73 crore as 0.55 lakh stocks modified hands on BSE today. Premier Energies shares is trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day and less than the 5 day and 150 day moving averages.
In the United States, Waaree Energies Ltd Shares crashed following the vote. Project developers and manufacturers profiting from the subsidies expressed issues that a rollback may want to cause factory closures, task losses, and better power rates for families throughout America.
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