500% US tariff on India? Gokaldas Exports, Avanti Feeds, other export-oriented shares tumble up to 13%

Shrimp, textile stocks fall

• Textile and shrimp stocks dropped after Trump supported a 500% US tariff bill.
• Bill targets countries buying Russian oil, including India, China, Brazil
• Gokaldas Exports, Avanti Feeds shares plunge due to US market exposure.

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The shares of export-oriented textile and shrimp stocks tumbled in trade on January 8 after US President Donald Trump approved moving forward with a bipartisan sanctions bill that proposes a whopping 500 percent tariff on countries continuing to do business with Russia, including India.

The shares of these export-oriented stocks have seen significant volatility recently, since Trump took office and hiked tariffs on Indian imports to 50 percent, citing New Delhi's purchase of Russia oil.

Textile and shrimp stocks:

Gokaldas Exports shares crashed nearly 13 percent to trade at Rs 596.65 apiece. The stock later recovered some losses to close 8 percent lower in the red. Revenue from U.S. accounts for more 60 percent of the overall revenue for the company, whose shares fell more than 34 percent in 2025 amid Trump's tariff flipflops.

K.P.R. Mill shares fell more than 4 percent. Pearl Global Industries shares meanwhile dropped around 8 percent.

Apex Frozen Foods shares fell nearly 8 percent, while Avanti Feeds shares dropped nearly 9 percent. The shares of these export-oriented companies significantly declined as they derive a significant portion of their revenue from the American market.

500% US tariff on India?

Republican Senator Lindsey Graham said that the bill would give US an added leverage over countries "fueling Putin’s war machine" by purchasing Russian oil. "This bill would give President Trump tremendous leverage against countries like China, India, and Brazil to incentivise them to stop buying the cheap Russian oil that provides the financing for Putin's bloodbath against Ukraine," Aljazeera quoted Lindsey Graham, a senator for the US state of South Carolina as saying.

He added that the legislation, cleared by Trump, could be taken up for a bipartisan vote as early as next week, as diplomatic efforts to end the war in Ukraine continue.

US Congress website shows that the proposed legislation, titled the Sanctioning of Russia Act 2025, would also impose penalties on individuals and entities, and sharply increase duties on all goods and services imported from Russia into US to a minimum of 500 percent, signalling a significant escalation in economic pressure.

According to Graham, the bill would give the US president broader authority to penalise countries purchasing discounted Russian oil, which Washington argues is helping finance Moscow’s war in Ukraine. “This bill will allow President Trump to punish those countries that buy cheap Russian oil, fueling Putin’s war machine,” he said, naming China, India, and Brazil as potential targets.

After a very productive meeting today with President Trump on a variety of issues, he greenlit the bipartisan Russia sanctions bill that I have been working on for months with Senator Blumenthal and many others.

This will be well-timed, as Ukraine is making concessions for peace… — Lindsey Graham (@LindseyGrahamSC) January 7, 2026

This comes as the much-awaited trade deal between India and US still remain elusive, despite several efforts and meetings between officials from both sides.

"I have a very good relationship with PM Modi, but he is not happy with me as India is paying high tariffs. But now they have reduced it very substantially, buying oil from Russia," Trump said recently.

India has rejected claims that Prime Minister Narendra Modi promised to stop buying Russian oil, maintaining that its energy purchases are guided by national interest and energy security.

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