GE Vernova T&D, Hitachi Energy India and CG Power slide up to 9% on July 3 after 2-year tender exemption for four Chinese firms
A Ministry of Finance memo dated June 24 granted a two-year exemption to four Chinese power transmission and distribution companies, allowing them to participate in tenders issued by state-run entities. Previously, only TBEA had received a one-year approval earlier this year, with a minimum 50% local-content condition for reactor-category bids. The policy shift is seen as intensifying competition in India’s T&D equipment market, potentially weighing on order wins and pricing power for local leaders such as GE Vernova T&D, Hitachi Energy India and CG Power. On July 3, the three stocks fell 6.8%–9%, while GE Vernova extended its losing streak to nine straight sessions for a total decline of 17%.