Indian Export Stocks Crash as US Threatens 500% Tariff Over Russian Oil Purchases
Business
M
Moneycontrol•08-01-2026, 21:16
Indian Export Stocks Crash as US Threatens 500% Tariff Over Russian Oil Purchases
- •Indian export companies' shares plunged on January 8 due to US President Donald Trump's approval of a bill proposing a 500% tariff on countries buying Russian oil.
- •India is among the countries targeted by the US, which views Russian oil purchases as funding the ongoing war in Ukraine.
- •Shares of Gokaldas Exports, KPR Mill, Pearl Global Industries, Apex Frozen Foods, and Avanti Feeds saw significant declines, with Gokaldas Exports falling up to 13%.
- •The US had previously imposed a 50% tariff on India, the highest on any country, impacting Indian exporters.
- •Republican Senator Lindsey Graham highlighted the bill as a weapon against countries like India and China supporting Russia's war efforts.
Why It Matters: US tariff threats over Russian oil purchases caused a significant crash in Indian export company shares.
✦
More like this
Loading more articles...
