Shares of Emmvee Photovoltaic Power Ltd declined 2.74% to Rs 207.40 in early trade on February 25, tracking weakness across solar stocks.

The stock came under pressure as sentiment in the renewable energy space turned cautious following fresh trade measures announced by the United States.

The decline comes after the Trump administration set preliminary duties of 126% on solar imports from India, according to reports. The US Commerce Department said the duties were determined based on findings that foreign subsidies allowed exporters to undercut domestic US manufacturers.

The new duties are separate from the reciprocal tariffs recently struck down by the US Supreme Court. Following that ruling, US President Donald Trump announced a 10% universal tariff, later raising it to 15%, which came into effect from last night local time.

Solar imports from India were valued at $792.6 million in 2024, more than nine times the level seen in 2022, according to the US Commerce Department.

The steep 126% duty is expected to make exports to the US market significantly less competitive for Indian solar module manufacturers, leading to broad-based selling across the sector. Along with Emmvee, shares of Waaree Energies, Premier Energies and Vikram Solar also witnessed sharp declines during the session.

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