India's main stock index falls more than 3 at open
Asia
By
AFP
| Apr 07, 2025
Indian stocks fell at the opening of trading on Monday, with the benchmark Nifty index down more than three percent.
US President Donald Trump slapped a flat 26 percent tariff on imports from India last week, with New Delhi saying it was examining both "implications" and "opportunities" from the duty hikes.
The Nifty 50 -- which presents the largest Indian companies on the national stock exchange -- was down 3.55 percent.
Nifty IT, the country's powerful information technology companies, which have the United States as their single biggest market, was down 5.53 percent.
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The Times of India called the stocks slump a "bloodbath".
After the tariffs were announced, India's Department of Commerce said it was "carefully examining the implications of the various measures", adding in a statement that it was "also studying the opportunities that may arise due to this new development".
India's pharmaceutical sector, which exported more than $8 billion of products to the United States in the 2024 fiscal year, emerged unscathed- with drugs exempt from its reciprocal tariff move.
Trump, speaking while unveiling the tariffs, said that Indian Prime Minister Narendra Modi was a "great friend" but that he had not been "treating us right".