Stock markets decline in early trade as Trump slaps additional 25 pc tariff on Indian goods

MUMBAI: Benchmark equity indices Sensex and Nifty declined in early trade on Thursday as 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 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.

The 30-share BSE Sensex dropped 335.71 points to 80,208.28 in early trade. The 50-share NSE Nifty declined 114.15 points to 24,460.05.