Kathmandu. Indian shares fell in early trade on Monday as the benchmark Nifty index fell more than 3 percent.
New Delhi said it was examining both the “impact” and “opportunity” of the increase in customs duties after US President Donald Trump last week imposed a 26 percent tax on imports from India. The Nifty 50, which represents the largest Indian companies on the National Stock Exchange, fell 3.55 percent.
The Nifty IT, which includes India’s powerful information technology companies, fell 5.53 percent. The largest market for Nifty IT is the United States. The Times of India called the stock market fall a “bloodbath”.
After the tariff announcement, India’s Commerce Department said in a statement that it was “carefully examining the implications of various measures” and “is also studying the opportunities that may arise from this new development”.
India’s pharmaceutical sector was spared from the US’s reciprocal tariff move by exempting medicines. India’s pharmaceutical sector exported more than $8 billion worth of products to the United States in the 2024 fiscal year.
Announcing the tariffs, Trump had said that Indian Prime Minister Narendra Modi was a “great friend” but that he had “not treated us right”.
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