The shares of Carysil plunged as much as 10 percent on September 26 after US President Donald Trump announced 50 percent tariff on imported kitchen cabinets and bathroom vanities, and a 30 percent tariff on upholstered furniture.
The stock then made some recovery after the company clarified that the recent announcement doesn't include kitchen sink. Hence, it won't have any impact on the company.
What does Carysil do?
Carysil, which is known for manufacturing quartz kitchen sinks, is also known for its exports. Trump's latest announcement may have dampened investor sentiment, leading to the selloff. According to Carysil's Annual Report 2024-2025, 21.5 percent of its revenue came from the US market, while 17.7 percent came from India.
The freshly announced tariffs will be effective from October 1. "The reason for this is the large scale 'FLOODING' of these products into the United States by other outside Countries," Trump said.
Carysil share price history:
The shares of Carysil later recovered some losses to trade 5 percent lower at Rs 806.40 apiece. The stock has fallen nearly 12 percent in the past five days, but gained around 27 percent in the past six months. Its P/E ratio currently stands at nearly 34.
Newly-listed Euro Pratik Sales shares also dropped more than 3 percent to trade at Rs 235 apiece after Trump’s latest announcement. The company exports wall panel products to over 60 nations.
Also read: Our LIVE blog on stock market updates
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