New Delhi, Aug. 8 -- Indian textile stocks have plunged sharply on Dalal Street in the last few sessions after imports from the country were slapped with the highest 50% tariffs, raising concerns that global retail giants may shift their sourcing to other Asian countries to avoid higher duties.

On Wednesday, US President Donald Trump signed an executive order imposing an additional 25% tariff on Indian goods, citing India's continued imports of Russian oil as the rationale. This hike comes on top of the 25% tariff announced last week, bringing the total US duty on many Indian imports to 50%, the highest among major nations, with only Brazil ahead.

Worryingly, the tariff imposed on India is also higher than that on other Asian countries ...