AsianFin -- The United States has launched an investigation into whether Waaree Energies Ltd., India’s largest solar panel manufacturer, evaded anti-dumping and countervailing duties on solar cells from China and other Southeast Asian countries.

U.S. Customs and Border Protection has initiated a formal probe into Waaree and its U.S. affiliate, Waaree Solar Americas Inc., and imposed interim measures after finding reasonable suspicion of duty evasion, according to a public notice obtained by Bloomberg News.

Shares of Waaree Energies dropped as much as 5.5% in early Friday trading, the steepest intraday decline since September 1.