TDS Desk:

Share prices of leading Indian apparel companies dropped by up to 7% on Friday, hours after US President Donald Trump announced 5% lower tariffs for Bangladesh compared with India, Indian media outlets reported.

Vietnam, Pakistan, Indonesia and Bangladesh are India’s competitors in the global garment market, particularly in the US. All of them have secured lower US tariffs than India, which has been slapped with a 25% tariff hike.

Shares of Indian apparel manufacturer Pearl Global were already trading 7% lower on Thursday due to the 25% hike, and fell another 7.2% on Friday as a result of Bangladesh tariff reduction. Likewise, Gokaldas Exports shares were selling at 4.5% lower rate on Thursday, but fell 3.1% further on Friday.

On Friday, shares of Arvind Ltd slipped 1.8%, and Welspun Living fell 1.9%.