Shares of auto component makers Bharat Forge and Samvardhana Motherson International tumbled up to 9% on Friday as India’s auto component makers faced uncertainty around exports to the US.

The stock of Samvardhana Motherson International, India’s top auto component exporter, slipped as much as 9% to hit a low of ₹117.90 on the BSE. The company’s market cap fell under ₹84,000 crore.

Shares of Bharat Forge fell 9% to hit a low of ₹1,014.20 on the BSE, dragging down the company’s m-cap to under ₹49,000 crore.

Shares of Sona BLW, which operates from multiple manufacturing facilities in India, Mexico, and the United States, fell 8% to hit a 52-week low of ₹414.25 on the BSE.

US President Donald Trump’s 25% tariffs on automobiles and auto components could have a negative impact on revenue and earnings for India’s component exporters over the next few months, according to ICRA. The credit rating agency, however, added that these tariffs could create long-term opportunity for Indian parts exporters as higher tariffs are being levied on other competing nations.

India’s auto components exports accounted for around 29% of industry revenues in the financial year 2023-24. Of this, about 27% was to the US.

US tariffs on auto and auto parts are not covered in the “Liberation Day” executive order signed by U.S. President Donald Trump on April 2, 2025.

The detailed list of auto components that will be subject to 25% import tariff in the US is however awaited, according to auto component industry body ACMA (Automotive Component Manufacturers Association of India).

“ACMA remains hopeful that the ongoing bilateral negotiations between the Indian and U.S. governments will lead to a balanced resolution that benefits both economies. We believe that the strong trade relationship between India and the United States, especially in the auto components sector, will encourage continued dialogue to mitigate the impacts of these measures. ACMA is committed to engaging with all stakeholders to ensure the long-term interests of the Indian auto component industry,” said Shradha Suri Marwah, President of ACMA.

ICRA said exporters dependent on the US are also trying to diversify their revenue base across other geographies including Asia. “Measures to improve value addition, diversification into non-auto segments and cost-optimisation strategies are also being worked upon to reduce the potential impact on margins,” said ICRA.