Similar decision was taken in US few weeks back, akin to Borosil there was only one major local manufacturer there as well
Management has been vocal about this risk, played out as well. In any case Vietnam was playing the role that china can play as well.
It won’t be surprising if Management puts expansion plans on hold/ revists, given the uncertainties around erstwhile handsome returns and viability etc. In absence of protective duties.
Govt has likely seen protecting local glass as a limitation/choke point for sclaing overall solar ambitions.
Questions we need to ask is in absence of pricing power and protective sheild, energy challenges- how would the business model gets impacted.
Coincidentally 200 EMA suppprt is broken as well.
Disc – Exited, have been a good run over last 2 years. Respect Management and their credentials, they may as well surprise market by being competitive having factored this risk – time will tell.
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