Stocks Radar: Aurobindo Pharma, Fortis Healthcare, Reliance Naval

Indian equity benchmarks reopened after a local holiday Friday and headed for its steepest decline in two weeks as investors weighed the potential impact of America's plans to impose stiff tariffs on steel and aluminium imports.

The S&P BSE Sensex fell as much as 0.8 percent to 33,763 and the NSE Nifty 50 Index declined 0.9 percent to 10,356.

Losses were broad-based as the S&P BSE MidCap and the S&P BSE SmallCap Indices fell over 0.8 percent each. All sector gauges compiled by BSE were trading lower, with the S&P BSE Metal index falling the most, down 2 percent.

Here Are The Stocks Moving The Market This Morning:

Trump's Tariffs Pull Metal Stocks Lower

The NSE Nifty Metal Index fell as 2.3 percent in early trade today , with Jindal Steel and Power Ltd. falling the most by 4.5 percent.

U.S President Donald Trump's plans for tariffs on steel and aluminum to protect the domestic industries risks igniting a global trade war. The order, due to be formally signed this week, is part of his plan to counter what he says are decades of unfair trade practices and ill-advised trade agreements that have robbed the U.S. of revenue and jobs.

Indian steel companies are not expected to be directly impacted by the tariff, considering it only accounts for 2 percent of steel imports into the country. However, analysts believe that a shift in demand for the metal could roil prices and a reduction in international steel prices could negatively impact the earnings of Indian companies.

Aurobindo Pharma: Nine FDA Observations

Shares of the Hyderabad-based pharmaceutical firm fell as much as 5.5 percent, the most in almost four months, to Rs 590.

Aurobindo Pharma Ltd. received nine observations from the U.S. Food and Drug Administration for one of its Hyderabad units. The observations for Unit 4 in Hyderabad relate to equipment and cleanliness, employee training, quality control, and computer controls, according to the U.S. Food and Drug Administration's Form 483 reviewed by BloombergQuint. (Read more on this story here)

Trading volume was 6.2 times the 20-day average. The stock fell 2.5 percent in the past month compared with the four percent increase for the company's peers tracked by Bloomberg.

Laurus Labs: Rises On Zero Observations From U.S. FDA

Shares of the Hyderabad-based specialty pharma rose nearly 3 percent to Rs 547.5

The U.S. FDA completed its inspection of the company's Unit 2 with zero observations under Form 483. Laurus Labs also received a maiden approval from the drug regulator for tablets used in the treatment of the HIV-1 infection, Laurus Labs ltd. said in an exchange filing.

The stock has risen a little over 5 percent over the past month, compared with an average 0.9 percent increase in the scrips of its peers tracked by Bloomberg.

Thomas Cook: Rises On Restructuring Plans

Shares of the Mumbai-based travel services firm rose as much as nearly 5 percent to Rs 253, its highest level in a month.

The company has approved a proposal to explore operational restructuring and may give shareholders ownership in the business services unit- Quess corp, Thomas Cook (India) Ltd. said in an exchange filing.

Trading volume higher than usual at over 32 times the 20-day moving average.

Reliance Naval: Falls On Arbitration Notice

Shares of the warship and submarine maker fell as much as 3.4 percent to Rs 38.1 in early trade.

In a notification to the exchanges, the company said its loans had been “irregular” since September 2014, before it was taken over by the Anil Ambani-promoted Reliance Group.

In a separate notice, the company said it had initiated arbitration proceedings against the founder promoters for breach of warranties under the purchase agreement between them and the Reliance Group for the acquisition of shares. The claims, the company said, aggregated to Rs 5,440 crore.

Trading volume was in line with the stock's 20-day average.

Fortis Healthcare: Falls On SFIO Notice

Shares of the New Delhi-based hospital chain operator fell as much as 4.9 percent to Rs 153.1, snapping a brief two-day gaining streak.

Fortis Healthcare Ltd. received a notice from India's Serious Fraud Investigation Office seeking “certain information and documents” by the end of this week. The financial implication, penalty, and quantum of claims have not been referred to in this letter and hence cannot be ascertained, Fortis said in an exchange filing.

The stock has risen 30 percent in the past month compared with an average 0.1 percent decline in the shares of the company's peers tracked by Bloomberg.

Stocks Reacting To Block Deals

Motherson Sumi:

• Motherson Sumi Systems Ltd. has 10.5 lakh shares change hands in a bock deal.
• Shares fell as much as 2.8 percent to Rs 311.

City Union Bank:

• City Union Bank Ltd. has 15 lakh shares change hands a block deal.
• Shares rose as much as 0.7 percent to Rs 182.

Castrol India:

• Castrol India Ltd. has 12 lakh shares change hands in a block deal.
• Shares fell as much as 2.25 percent to Rs 197.25.

Power Grid:

• Power Grid Corporation of India Ltd. has 13.8 lakh shares change hands in a single block.
• Shares fell as much as 1.17 percent to Rs 195.1.

CG Power:

• CG Power and Industrial Solutions Ltd. has 10 lakh shares change hands in a single block.
• Shares fell as much as 1.4 percent to Rs 80.90.