Among pharma stocks, Sun Pharma was the top loser with over 2% loss. Gland Pharma and Mankind Pharma dropped over 1%, while Torrent Pharma, Cipla, Lupin, Aurobindo Pharma and Dr Reddy’s shares were also in the red.
But Biocon rose 3%, Laurus Labs, Abbott India, JB Chemicals, and Natco Pharma gained over 1% each and so did Ajanta Pharma, Glenmark, Alkem Labs and Zydus Life.
Auto components makers Samvardhana Motherson and Sona BLW shares lost 2% after the tariffs come into force. This is because domestic auto component exports to Mexico account for 3% of the total $21.2 billion in exports, around $656 million, according to Elara Securities. For Samvardhana, Mexico contributes 4% of its overall revenue and around 2% for Sona’s total revenue.
Similarly risk-on assets like cryptocurrency also sank Monday after Trump refused to pardon Canada and Mexico, leading to deep cuts in the US markets too on Monday. Bitcoin sank below $90,000, erasing in a flash its 10% gain from Trump’s announcement on Sunday of the creation of a US strategic crypto reserve.
Of the immediately affected three nations, China and Canada retaliated with counter tariffs. Canadian prime minister Justin Trudeau announced a 25% tariff on 155 billion Canadian dollars ($107 billion) worth of US goods.
