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Equity benchmark index Sensex tumbled nearly 1 per cent to slip below the 80000 level on Friday as growing concerns over the impact of the additional US tariff and unabated foreign fund outflows unnerved investors. Deep losses in market heavyweights Reliance Industries HDFC Bank and Bharti Airtel also added pressure on equities traders said PTI reported. Last week Trump announced 25 per cent reciprocal tariffs on India that came into effect from August 7. The US president on Wednesday also signed an executive order slapping an additional 25 per cent levy on India for New Delhi’s purchases of Russian oil bringing the total duties to 50 per cent among the highest imposed by the US on any country in the world. The additional 25 per cent duty will come into effect after 21 days or August 27. This new tariff is also putting pressure on Reliance Industries owned by Indias richest person Mukesh Ambani. The company has issued a warning to the market. In a report on Friday the company warned that geopolitical and tariff-related uncertainties could inhibit the flow of business consequently affecting the equilibrium of supply and demand. On Thursday the Reliance share price fell 1.0% but closed down only 0.2%. As of writing on Friday the shares were trading at 1373.20 and down 1.17%. Over the past month Reliance’s stock has dropped by nearly 11%. Reliance Industries operates the world’s largest refinery at a single location in Jamnagar Gujarat. It processes various types of crude oil to make petrol diesel ATF and other products for both domestic and export markets. In its annual report published on Thursday RIL commented on the future of its oil-to-chemicals (O2C) business. RIL stated that while the use of electric vehicles (EVs) is increasing oil demand is still expected to continue increasing primarily driven by strong economic growth the Chinese stimulus measures and the perceived easing of geopolitical tensions. This report which fails to mention Russia as a source for crude oil purchases was released a day after US slapped a 50% penalty tariff on products that came from India. Trump said India was buying Russian crude oil and was allegedly helping finance the Kremlins war in Ukraine. Prior to instituting the extra 25% tariff U.S. President Donald Trump noted India was purchasing and re-exporting Russian crude oil in a social media post. On August 4 Trump said India is not only buying massive amounts of Russian Oil they are then for much of the Oil purchased selling it on the Open Market for big profits. The oil-to-chemicals (O2C) sector is the largest part of Reliance Industries economic value creation alongside other segments like telecommunications media and entertainment. Reliance Industries processed 80.5 million tons of crude oil at its Jamnagar refinery in fiscal year 2025. The company in its FY25 annual report published on Thursday stated that while it expects crude prices to stay volatile due to shifting sanctions altered tariff policies and OPEC and non-OPEC production decisions oil demand is still expected to rise despite growing adoption of electric vehicles based on a positive economic outlook. In its oil outlook for 2025 the company which reported its highest revenue and net income - Rs 10.71 trillion and Rs 81309 crore respectively in FY25 indicated that the ramp-up of a new refineries may generate milder product crackings. RIL said But expected closures can create upside potential for refining margins. Domestic fuel demand is expected to remain healthy with increasing economic activity while domestic demand for downstream chemical products is expected to grow ahead of the GDP growth rate driven by demand from infrastructure packaging automobiles and agriculture.