According to data from the commerce ministry, exports during the month increased to $26.36 billion, compared with $25.41 billion in January 2018.

Reacting to the news, shares of the pharma major declined as much as 22 per cent amid heavy volume to touch an intra-day low of Rs 2,065.30 apiece on the BSE, after opening lower at Rs 2650.10 against previous closing price of 2669.30.

The decision to revoke the MFN status to Pakistan will mean that India can increase custom duties on goods imported from Pakistan up to the bound level duty rates.

Mallya made the application in the Administrative Court division of the High Court, 10 days after UK Home Secretary signed off on the order triggering a 14-day window for his appeal application.