New Delhi, May 23 -- Shares of Waaree Energies and Premier Energies fell sharply on Friday, May 23, mirroring the slump in US-listed solar and clean energy companies overnight. Both stocks dropped up to 11 percent after a new tax bill, proposed by former US President Donald Trump, signaled the repeal of several clean energy subsidies and incentives previously introduced under the Inflation Reduction Act (IRA) by the Biden administration.

The proposed legislation, which narrowly passed the US House of Representatives by a 215-214 margin, seeks to eliminate funding allocated under the IRA to combat air pollution, reduce greenhouse gas emissions, and promote the purchase of electric heavy-duty vehicles. Most critically, the 30 percent feder...