Export-driven stocks fall up to 13% after Trump greenlights bill on imposing 500% tariffs on countries importing Russian oil
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Following US President Donald Trump's approval of a bipartisan sanctions package that calls for a massive 500% levy on nations that continue to do business with Russia, including India, the shares of export-orientated textile and shrimp stocks plummeted in trade on January 8.
In Thursday's trading, Gokaldas Exports Ltd fell 12.73% to a 52-week low of ₹597. Pearl Global Industries Ltd. dropped to ₹1,511.90, a 6.69% decrease. Frozen shrimp exporter companies like Avanti Feeds Ltd fell 8.42% to a day's low of ₹811.85, while Apex Frozen Foods Ltd fell 7.88% to ₹277. Indo Count Industries Ltd. was down 2.28% to ₹265.70, while KPR Mill Ltd. dropped 3.07% to ₹858.50.
This downtick was after US Senator Lindsey Graham said that Trump has “he greenlit the bipartisan Russia sanctions bill” that would punish countries by raising tariffs on countries such as India, China and Brazil for continuing to purchase Russian oil despite international sanctions.
“This bill will allow President Trump to punish those countries who buy cheap Russian oil fueling Putin’s war machine. 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,” Graham said in a post on X.
With no progress in sight with respect to the India-US trade deal, and the US president withdrawing the US from over 60 international organisations, including UN bodies and the India-France-led International Solar Alliance, pinning it on the reason of these institutions being “redundant” and “contrary” to America’s interests, investors’ confidence in today’s trade has been shaken.
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Benchmark indices Nifty and Sensex have further declined by a per cent today. Sensex has fallen to 84,274.06, down by 750 points, while Nifty hit an intraday low of 25,884.15, falling by 0.95%. Larsen & Toubro and Hindalco led the fall in the Nifty index by up to 4%, each falling by 3.63% and 3.53%, respectively.
Meanwhile, Eternal emerged as the top gainer, growing by 1.10%, while ICICI Bank and SBI Life Insurance followed the lead, rising by 0.6% each.