Indian textile stocks slide ahead of additional US tariff on goods

About this update from Vardhman Textiles Limited

** Indian textile stocks fall after U.S. confirms 25% additional tariff on Indian-origin goods starting Wednesday** Indian exports will now face U.S. duties of up to 50% - among the highest imposed by Washington ** The new duties will apply to goods entering the U.S. for consumption or withdrawn from warehouse for consumption from 12:01 a.m. EDT on Wednesday or 9:31 p.m. IST** Kitex Garments NSE:KITEX, Raymond Lifestyle NSE:RAYMONDLSL and Welspun Living NSE:WELSPUNLIV down 5%, 2.5% and 2%, respectively** Vardhman Textiles NSE:VTL and Gokaldas Exports NSE:GOKEX fall about 1%** Last week, India suspended an 11% import duty on cotton until September 30** U.S. is the biggest market for India's garment exporters; tariffs are leading to order cancellations and making them uncompetitive against Bangladesh and Vietnam, which have U.S. duties of 20%** YTD, RAYL down 45%, GOKL down 38%

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