US lawmakers are talking about a new sanctions bill that could push import duties on Russian goods up to 500%, and investors worry the same approach might be used against India, China and Brazil. The fear of steep tariffs sent Indian export‑focused stocks tumbling on Thursday.
What triggered the sell‑off?
A US senator said President Trump approved a bipartisan bill that would raise duties on Russian imports dramatically. The bill could be voted on next week and may be used as pressure on countries that keep buying Russian oil, including India.
Seafood exporters hit hardest
Companies that ship shrimp and other seafood to the US saw the biggest drops.
- Avanti Feeds – down 7%
- Apex Frozen Foods – down 7%
- Coastal Corporation – down 2%
- Waterbase – down 1%
- Sharat Industries – down 1.4%
Investors fear higher duties would make shrimp exports less competitive in the US, the sector’s biggest market.
Pharma stocks also slipped
Even defensive drug makers felt the pressure.
- Dr Reddy’s Laboratories – down 2%
- Cipla – down 0.22%
- Sun Pharmaceutical – down 0.7%
- Torrent Pharmaceuticals – down 1%
Textiles and metals join the decline
Export‑oriented textile firms fell as traders priced in weaker US demand and higher costs.
- Vardhman Textiles – down 2%
- KPR Mill – down 2.3%
- Gokaldas Exports – down 12%
- Indo Count Industries, Sutlej Textiles, Welspun Living, Kitex Garments – each down 2‑2.5%
- JSW Steel – down 2%
- Hindalco Industries – down 4%
- Bharat Forge – down 2%
Overall market reaction
The broader market stayed weak. The Sensex slipped more than 600 points and the Nifty 50 fell 222 points. Large‑cap names like HDFC Bank and Reliance Industries also extended their recent losses.
What investors should watch
If the US moves forward with the high‑tariff bill, export‑driven sectors could face continued pressure. Keep an eye on any official statements from Washington and any further trade‑policy updates that might affect Indian companies selling abroad.
Remember, this is my view, not a prediction. Do your own research before making any investment decisions.