Apar Industries plunged 5.03 per cent to Rs 9,174.70. Ingersoll-Rand (India) Ltd fell 1.29 per cent to Rs 3,885.Cummins India Ltd declined 1.46 per cent to Rs 3,530.90.

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.

President Donald Trump said on Wednesday the United States is still negotiating with India on trade after announcing earlier in the day the U.S. would impose a 25% tariff on goods imported from the country starting on Friday.