Indian textile shares fall after US law paves way for heavy oil import taxes

Shares of Indian textile companies dropped sharply after US President Donald Trump signed a new law. The law allows import taxes of up to 100 percent on countries that buy oil and gas from Russia. Investors worry this could lead to fresh duties on Indian goods. Gokaldas Exports saw its share price drop by nearly 5 percent. Indo Count Industries and Vardhman Textiles both fell by more than 3 percent. Arvind also saw its shares decline by over 2 percent. The United States remains the biggest market for Indian textile and clothing exporters, leaving these businesses at high risk if trade taxes increase.