US Tariff Surge Strikes Indian Textiles and Leather Stocks

Textile and leather stocks in India declined after US President Donald Trump imposed a 50% duty on Indian goods, citing continued Russian oil imports. Arvind Ltd, K P R Mill, and others saw notable losses. The hike was criticized by India as unfair and is expected to impact exports significantly.

Indian textile and leather stocks took a hit on Thursday following a decision by US President Donald Trump to impose a 50% duty on Indian goods. This move, which targets New Delhi for continued imports of Russian oil, saw significant declines in major stock listings.

Leading declines were Arvind Ltd, which dropped by 2.64%, K P R Mill by 2.25%, and Indo Count Industries by 2.18%. Leather stocks were not spared, with AKI India and Zenith Exports seeing losses of 4.73% and 4.11% respectively. The increased duty is expected to adversely affect sectors like textiles, marine, and leather exports.

India has strongly criticized the tariff hike, labeling it 'unfair, unjustified, and unreasonable.' With this action, New Delhi joins Brazil in attracting the highest US tariff of 50% amidst ongoing geopolitical tensions over Russian oil imports.

(With inputs from agencies.)