Premier, Waaree Energies Tumble Up To 11 Per Cent As US House Passes Trump’s ‘One Big Beautiful Bill’

Shares of solar photovoltaic module makers Waaree Energies and Premier Energies tumbled up to 11 per cent in early trade on May 23 amid concerns that the approval of President Donald Trump’s “one big beautiful” tax and spending bill by the US House of Representatives could impact their export prospects. The bill, which was passed by a narrow vote of 215 to 214, however, still needs approval from the Senate.

Waaree Energies shares opened with a gap-down at Rs 2,875 apiece on the NSE and fell as much as 11.1 per cent to hit an intraday low of Rs 2,664 per share. Similarly, Premier Energies shares declined up to 5.7 per cent to hit an intrday low of Rs 1,022 after opening down with a gap at Rs 1,050 apiece against their previous close.

However, around 11:30 AM, both the stocks had absorbed some of the early trade losses, however, still quoted in the red.

What New Tax And Spending Bill Mandates

The new bill, if passed by the Senate, is set to end the subsidies that solar energy companies have been receiving until now. The bill, which Trump called “one big beautiful bill,” would roll back much of the funding introduced under the Biden Administration’s Inflation Reduction Act. That includes cutting grants aimed at reducing pollution, lowering greenhouse gas emissions, and helping buy electric heavy-duty vehicles.

As per a Reuters report, a major blow would come from scrapping the 30 per cent federal tax credit for people who install rooftop solar panels, something that has helped drive adoption in recent years.

Although the industry was already expecting a gradual phase-out of tax credits for solar and wind, the bill speeds up the process. If it becomes law, new projects would need to start construction within 60 days and be completed by the end of 2028 to qualify for any remaining tax breaks.