That’s a steeper hit than the 15% to 20% range applied on several regional peers.India’s stock benchmark has lagged most major global peers this year amid concerns over a slowdown in its economy and corporate earnings.

Gift Nifty trades at 24,712, down nearly 150 points, a discount of nearly 140 points from the Nifty futures’ previous close, indicating a muted start for the Indian stock market.

Analysts on the Street anticipate Trump's latest tariffs to be short-lived and eventually head lower as trade negotiations between New Delhi and Washington continue