Indian oil refiners slip after Trump doubles tariff

Shares of Indian refiners drop amid a 0.8% dip in benchmark Nifty 50 index .NSEI after U.S. announced additional 25% tariff on Indian goods over its Russian oil purchases .BO

Hindustan Petroleum Corp HPCL.NS, Bharat Petroleum BPCL.NS drop 1.9% and 2.5%, respectively

Heavyweight Reliance Industries RELI.NS declines 1.6%; co flags that continuing geopolitical and tariff-related uncertainties may affect trade flows and supply-demand balance

Indian Oil Corp IOC.NS down 1.4%

Sub-indexes Nifty oil and gas .NIFOILGAS and energy .NIFTYENR down 1.6% each

Jefferies analysts say "a clean break from Russian trade on all items will be tough for India"

Analysts flag fears over a spike in costs if India were to replace Russian crude oil with other sources