Gokaldas Exports hits 1-yr low as shares slide 13%; Avanti Feeds, Apex Frozen, Pearl Global fall up to 8%

Gokaldas Exports Ltd plunged 12.73 per cent in Thursday's trade to hit a 52-week low of Rs 597. Pearl Global Industries Ltd declined 6.69 per cent to Rs 1,511.90. Apex Frozen Foods Ltd slid 7.88 per cent to Rs 277, while Avanti Feeds Ltd dropped 8.42 per cent to a day's low of Rs 811.85. KPR Mill Ltd slipped 3.07 per cent to Rs 858.50 and Indo Count Industries Ltd fell 2.28 per cent to Rs 265.70.

Shares of these export-oriented Indian companies fell sharply, largely tracking concerns over potential escalation in US trade actions against countries importing Russian oil.

US Senator Lindsey Graham said that President Donald Trump has approved a bill that could significantly raise tariffs on countries such as India, China and Brazil for continuing to purchase Russian oil despite international sanctions. According to Graham, tariffs on India and China could rise by as much as 500 per cent as early as next week.

He said Trump cleared the proposed legislation, known as the Russia Sanctions Bill, after a "productive" meeting and indicated that it could be brought to a vote next week. Graham added that the bill would be "well-timed".

The legislation has been jointly sponsored by Republican Senator Graham and Democratic Senator Richard Blumenthal.

"After a very productive meeting today with President Trump on a variety of issues, he greenlit the bipartisan Russia sanctions bill that I have been working on for months with Senator Blumenthal and many others. This will be well-timed, as Ukraine is making concessions for peace and Putin is all talk, continuing to kill the innocent," Graham wrote on X.

Echoing comments by Trump advisor Peter Navarro, Graham said the bill would give the US President powers to punish countries "who buy cheap Russian oil fuelling Putin's war machine".

In 2025, the Trump administration imposed a 25 per cent reciprocal tariff on Indian imports, along with an additional 25 per cent levy linked to Russian oil purchases, taking the total tariff burden to 50 per cent. The move has weighed on US-India trade relations, with the bilateral trade deal currently on hold.