Shares of Indian textile and apparel exporters fell as much as 5% on Monday after U.S. President Donald Trump signed a law allowing tariffs of up to 100% on countries buying Russian oil and gas, reviving fears of fresh duties on India’s largest export market.
Gokaldas Exports dropped nearly 5% in early trade on the National Stock Exchange, while Indo Count Industries and Vardhman Textiles each lost more than 3%. Arvind slipped over 2% and Garware Tech Fibre shed 2.5%, even as the broader market traded higher. Read Here
Trump signed the bipartisan Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 on Friday. The law widens Washington’s authority to take trade action against major buyers of Russian energy, potentially exposing India and China to higher duties on shipments to the United States. It does not automatically impose the maximum rate, and analysts describe it as a bargaining tool rather than an immediate blockade.
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The Confederation of Indian Textile Industry warned on Saturday that extra levies would be “very difficult to absorb” for a sector dominated by small enterprises and already strained by turmoil in West Asia. Chairman Ashwin Chandran urged New Delhi to work more closely with Washington so exporters are not left uncompetitive in the U.S.
Chandran said a balanced bilateral trade agreement was urgently needed, with talks reportedly in the final stretch. He added that free trade deals with the European Union and Britain hold promise but cannot replace access to the U.S. market.
India’s textile and apparel exports rose 6.39% year-on-year in August in dollar terms, with textiles up 13.03% and apparel down 2.74%. For April-August, apparel exports fell 9.10%, leaving combined shipments 0.24% lower.
Monday’s reaction was milder than in January, when Gokaldas tumbled 13% after Trump first backed the sanctions bill.