On Monday, 7 April 2025, half of the 30 Sensex equities fell more than 5% on the BSE during intraday trading as Dalal Street became risk-averse following US President Donald Trump’s harsh reciprocal tariff announcement.
Among the most severely impacted stocks, the following fell between 5% and 12% in intraday trading: Tata Steel (11.5%), Tech Mahindra (8.4%), Tata Motors (10.3%; at 52-week low), Mahindra and Mahindra (9.1%), Infosys (9.9%), Sun Pharma (8.1%), IndusInd Bank (9.4%), Adani Ports (9.3%), Larsen & Toubro (8.9%), HCL Technologies (8.3%), Reliance Industries Limited (7.4%; at 52-week low), Bajaj Finance (7.1%), Kotak Mahindra Bank (8.1%), Tata Consultancy Services (7.2%; at 52-week low), and Axis Bank (5.1%).
Tata Motors’ stock price dropped 10.31% to Rs 550.55 per share as a result of its UK subsidiary Jaguar Land Rover announcing that it has ceased exporting to the US this month due to Trump’s 25% tariff on cars manufactured outside of the US.
According to JLR, the US is a significant market. However, the company has chosen to “enact” its “planned short-term actions including a shipment pause in April” in order to address the new trading terms.
Tata Steel’s share price fell 11.5% to an intraday low of Rs 124.2 due to a double whammy. First, metal equities had substantial selling pressure on Monday as the industry-related sector was hit by concerns about global growth. China, the world’s largest metals consumer, has been slapped with a cumulative 54% tariff. China has also levied a 34% retaliatory tariff on the US.
Secondly, the Tata Group company received an income tax notice for the fiscal year 2018-19 (AY 2019-20), which increased its taxable income by Rs 25,185.51 crore. According to Tata Steel, the value represents the debt that was waived in the company’s favour when it was given the opportunity to purchase Bhushan Steel, now known as Tata Steel BSL, under the Insolvency and Bankruptcy Code.
IndusInd Bank’s shares fell 9.4% following the bank’s March 2025 quarter update, which revealed a disappointing increase in advances. IndusInd Bank’s Q4FY25 business update indicates net advances increased by 1.4% year on year to Rs 3,47,933 crore. Loans fell by 5.2% quarter over quarter.
Reliance Industries’ share price (RIL), among other noteworthy equities, slumped 7.4% intraday to a new 52-week low of Rs 1,115.5 a share as crude oil prices plummeted due to worries about global growth. RIL, which is involved in oil sourcing and exploration, earns around 60% of its revenue from the petrochemical and oil industries.
Overall, the BSE Sensex index slid 3,939.6 points (5.2%) to an intraday low of 71,425. The precipitous decline in shares comes after a global stock market catastrophe, with investors on the defensive as a result of US President Donald Trump’s reciprocal tariffs.
Following Trump’s imposition of punitive tariffs on more than 180 countries, China and Canada announced counter-tariffs of equivalent amounts. Meanwhile, the Eurozone is pondering similar measures.
