New Delhi, Jan. 29 -- Just a month after Mexico doubled tariffs on car imports, South Africa is considering the option, in a one-two punch that threatens Indian automobile exports of over $2 billion.

The latest move, if it takes effect, will hurt India's largest carmaker Maruti Suzuki India Ltd, and Hyundai Motor India Ltd-For Maruti, South Africa is the largest export market, while for Hyundai, it is among the top five. Maruti shares fell 2.39% on the BSE on Wednesday and Hyundai shares fell 0.61%, while the benchmark Sensex rose 0.60%.

South Africa's Department of Trade, Industry and Competition is reviewing its automobile industry policy, officials informed lawmakers on Tuesday. One of the measures is raising the 25% import duty on c...