India's Waaree Renewables falls after Assam state cancels contract

Waaree Renewable Technologies

21/07/2025 07:51

** Waaree Renewable Technologies WAAE.NS falls 5.5% to 1,121.20 rupees; set for worst day since April 25

** Co says state of Assam cancelled 7.4 bln-rupee ($85.8 mln) solar power contract to 3-member consortium that included co

** Adds Assam has withdrawn funding for project from loan taken from Asia Development Bank (ADB), making the project unviable

** Letter of award was handed over in March

** WAEE gains ~27% since listing in April

($1 = 86.2220 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)

 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))