Shares of Premier Energies & Waaree Energies plummeted 8% earlier on 23rd May after the US passed a bill accelerating the phase-out of clean energy investment/production tax credits.

Waaree Energies is heavily exposed to the US market, with 57% of its order book linked to the region. Premier Energies also depends on the US for growth, making the policy shift a significant concern for both firms.

Clean energy stocks in the US dropped sharply post-vote, as developers and manufacturers warned of potential factory shutdowns and job losses.

The market cap of Premier Energies fell to Rs 46,790 crore, while Waaree Energies’ valuation dropped to Rs 79,451 crore.

At 12:09 PM, the shares of Premier Energies were down 2.66% at Rs 1,054.70 & Waaree Energies was down 6.55% at Rs 2,800.50 on NSE.

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