Waaree Energies shares drop 43%; further decline expected

Waaree Energies shares have dropped 43% from their peak of ₹3,743 in November 2024. Jefferies has initiated coverage with a 'Hold' recommendation and a price target of ₹2,030, indicating a potential further decline. Jefferies noted that favorable government policies and backward integration have benefited Waaree. However, it anticipates an oversupply in India and increased US self-sufficiency by late 2027, which could impact the company negatively. Kotak Institutional Equities has also started coverage with a 'Sell' recommendation, setting a price target of ₹2,550. The stock closed at ₹2,124.45 on Thursday, having risen over 40% from its issue price of ₹1,503.