DRINDA's stock plunged 7.28% during intraday trading, reflecting a significant downturn in the photovoltaic sector.

The decline follows the upcoming comprehensive cancellation of the 9% value-added tax export rebate for solar products, effective April 1. Contrary to industry expectations, there was no last-minute surge in export shipments ahead of the policy change. Meanwhile, prices across the solar supply chain, including polysilicon, wafers, and cells, have continued to decline, with polysilicon hitting a new low, indicating persistently weak market sentiment and a lack of recovery in end-demand.

Industry analysts suggest that the immediate impact of the rebate cancellation, combined with low product prices and strong wait-and-see attitudes from end-users, may lead to disappointing financial results for photovoltaic companies in the second quarter. The recent rapid price declines have failed to stimulate demand and have instead intensified market caution, with a true recovery dependent on a definitive reduction in inventory and a substantial rebound in end-demand—conditions that have not yet materialized.