New Delhi, Sept. 26 -- Solar panel maker Waaree Energies issued a clarification following reports that US customs officials were investigating whether the company sidestepped tariffs on Chinese-made cells and panels by labeling them as made in India, which also caused its stock price to drop over 7% to Rs.3,207 apiece.

US Customs and Border Protection has initiated a formal investigation into Waaree and its subsidiary, Waaree Solar Americas Inc., and imposed interim measures due to reasonable suspicion that the company evaded duties when importing merchandise into the US, Bloomberg reported earlier in the day.

According to the report, the probe was launched in response to an allegation by the American Alliance for Solar Manufacturing Tr...