Shares of declined sharply in Wednesday's trade after the company disclosed that officials from the Income Tax (I-T) department conducted searches at some of its offices and facilities. The stock fell 6.04 per cent to a day low of Rs 3,085.

In an exchange filing, Waaree Energies said, "We hereby inform that today certain officials of the Income Tax Department visited some of the Company's offices and its facilities in India for conducting investigation under the Income Tax Act, 1961. The proceedings are underway and the Company is extending its full co-operation to the officials." The company did not provide further details on the nature or scope of the investigation. Advertisement

Separately, the company's CEO, Amit Paithankar, recently stated that the company is transitioning from a p

See Full Page