Trump Reciprocal Tariffs: Chemical stocks like SRF, Navin Fluorine fall up to 4% on US market exposure

Shares of Indian Chemical companies, SRF Ltd., Navin Fluorine Ltd., Galaxy Surfactants Ltd. and PCBL, fell up to 4% on Thursday, April 3, after US President Donald Trump's reciprocal tariff announcements. While shares of SRF and Navin Fluorine declined, those of Galaxy Surfactants and PCBL are still holding on to opening gains.

Trump announced in the early hours of Thursday, Indian time, that the US has implemented a 26% reciprocal tariff on India across products, barring sectors like Pharma.

The tariff is significantly higher for chemical companies as the existing import rate was only 3.5%.

However, the US has also taxed other key exporters of Chemicals to the US, such as China (34%), the European Union (20%), Japan (24%) and South Korea (25%). This leaves India either better placed or on an equal footing compared to other chemical exporting countries.

As per its annual report for financial year 2024, the US contributed 12% to SRF's overall revenue, while 65% of Navin Fluorine's overall revenue comes from the export market.

Shares of SRF are down 3.5% on Thursday after ending 3.3% higher on Wednesday and are trading close to their 52-week high. The stock has risen 35% so far in 2025 and is among the outperformers this year.

Shares of Navin Fluorine are down 2.5% on Thursday, after having ended 1.2% higher on Wednesday and have risen 30% so far in 2025.

Galaxy Surfactants shares ended 8% higher on Wednesday and that gain trimmed its year-to-date loss down to 10%. The stock is up 1.5% on Thursday.

PCBL shares have outperformed over the last one month with a 21% surge, which has trimmed its 2025 losses down to 5%.