Textile & Leather Stocks Fall After US Tariffs

New Delhi, Aug 7 (PTI) Textiles and leather-related stocks ended lower on Thursday after US President Donald Trump slapped an additional 25 per cent duty – doubling it to 50 per cent – on Indian goods over New Delhi's continued imports of Russian oil.

The stock of Arvind Ltd dropped 2.64 per cent, K P R Mill lost 2.25 per cent, Indo Count Industries slipped 2.18 per cent, Pearl Global Industries declined 1.98 per cent, Lux Industries went lower by 1.38 per cent, Page Industries (1.16 per cent) and Dollar Industries (0.56 per cent) on the BSE.

Among leather stocks, AKI India tanked 4.73 per cent, Zenith Exports dropped 4.11 per cent, Khadim lost 1.77 per cent, Superhouse Ltd went lower by 1.24 per cent and Metro Brands (1.13 per cent).

Also, Zeal Aqua edged lower by 3.81 per cent, Apex Frozen Foods fell by 2.98 per cent, Avanti Feeds (2.27 per cent), and Waterbase (2 per cent).

The move that is likely to hit sectors such as textiles, marine and leather exports hard was slammed by India as "unfair, unjustified and unreasonable". With this action singling out New Delhi for the Russian oil imports, India will attract the highest US tariff of 50 per cent, along with Brazil.