Thu Nov 07 09:13:41 UTC 2024: ## Waaree Energies Stock Slides 8% After Stellar Debut

**MUMBAI, INDIA** – Waaree Energies, a leading solar energy company, saw its shares plunge 8% on November 7, dropping to Rs 3,354, after a remarkable 150% gain since its initial public offering (IPO). Investors attributed the decline to profit-taking following the stock’s impressive performance.

The stock had rallied 8% the previous day, pushing its market capitalization to Rs 1,03,779.62 crore. Waaree Energies listed on the National Stock Exchange (NSE) on October 28 at Rs 2,500, a 66.33% premium over its issue price of Rs 1,503.

Despite the recent downturn, the company announced on November 6 that it received an order for module supply, with production scheduled to begin in late November 2024 and conclude in Q4 of FY 2025. The company declined to disclose the order value or customer name.

Waaree Energies, with an aggregate installed capacity of 12 GW as of June 30, 2023, operates five manufacturing facilities across Gujarat and Uttar Pradesh. The company remains a significant player in India’s solar energy sector.

At 10:40 am, Waaree Energies stock was trading at Rs 3,393, down 7% from the previous day’s close on the NSE.

**Disclaimer:** This news article is for informational purposes only and does not constitute investment advice. Please consult with a financial expert before making any investment decisions.

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