Textile and shrimp stocks were trading in red on August 7 after the U.S. imposed an extra 25% tariff on Indian exports, stoking concerns over the economic impact of worsening bilateral ties.
Textile makers Trident, Gokaldas Exports, Arvind, KPR Mill and Welspun Living lost 0.7%-3% on August 7 while those of Avanti Feeds were down 4%.
Shares of Apex Frozen were trading nearly 3% lower at Rs 220.65 apiece.
US President Donald Trump on Wednesday imposed the additional tariff on Indian goods, citing New Delhi's continued imports of Russian oil.
At 12:07 pm on August 7, the Sensex was down 418.62 points or 0.52 percent at 80,125.37, and the Nifty was down 140.00 points or 0.57 percent at 24,434.20. About 1,098 shares advanced, 2,325 shares declined, and 113 shares were unchanged.
Nearly 70% of Gokaldas Exports' topline comes from the US market, as does for Indo Count Industries. For Welspun Living and Pearl Global, that figure lies at 65% and 50% respectively, reported CNBC-TV18.
For apparel exports, India competes with countries like Bangladesh, Vietnam and China. While Bangladesh has been hit with a 35% tariff, Vietnam recently concluded a deal with the US, agreeing to pay a 20% tariff. However, media reports said US officials have showed a willingness to reduce the planned 35% additional tariffs on Bangladeshi imports.
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