NEW YORK (TheStreet) -- SunEdison (SUNE) shares are down 8.8% to $17.26 in trading on Monday.
The fall comes following the news that the photovalic silicon wafer maker was canceling its India solar project due to local equipment shortages and rising prices.
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SunEdison put down a $332,000 deposit on the 20MW project which required that the company source material from local manufacturers under India's domestic content requirement (DCR).
The DCR policy has previously come under fire from the U.S. government.
"These domestic content requirements discriminate against US exports by requiring solar power developers to use Indian-manufactured equipment instead of U.S. equipment," said U.S. Trade Representative Michael Froman.
TheStreet Ratings team rates SUNEDISON INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNEDISON INC (SUNE) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid stock price performance. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: