Textile, Leather, Gems Stocks Decline on US Tariff

New Delhi, Aug 28 (PTI) Textile, leather, gems and jewellery stocks declined on Thursday morning trade as the steep 50 per cent tariff on Indian goods entering the United States came into effect.

Shares of Alok Industries tanked 4.13 per cent, Raymond Lifestyle fell by 3.66 per cent, Siyaram Silk Mills dropped 2.92 per cent, Welspun Living declined 2.53 per cent, Gokaldas Exports went lower by 2.35 per cent and Trident Ltd dipped 2.16 per cent on the BSE.

Among leather and footwear stocks, Zenith Exports tumbled 4.33 per cent, Relaxo Footwears dropped 2.34 per cent, Superhouse Ltd slipped 1 per cent and Khadim India dipped 0.77 per cent.

The steep 50 per cent tariff on Indian goods entering the United States, which came into effect from August 27, would impact exports worth more than USD 48 billion.

The sectors which would bear the brunt of the high import duties imposed by the Trump administration include textiles/clothing, gems and jewellery, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery.

Among gems and jewellery stocks, Uday Jewellery Industries fell 2.49 per cent, Senco Gold dropped 2.20 per cent, Tribhovandas Bhimji Zaveri declined 1.87 per cent and P N Gadgil Jewellers dipped 1.10 per cent.

In the equity market, the 30-share BSE Sensex tanked 693.02 points to 80,093.52 during morning trade. The 50-share NSE Nifty dived 204.85 points to 24,507.20.