Ebix Downplays Retaliatory Tariffs By India

Ebix Inc EBIX shares traded lower Monday, with traders attributing the downside to news of regulatory tariffs being imposed by India on the United States.

India said from Sunday, it will impose tariffs on 28 U.S. products. The tariffs will be as high as 70% and are in response to Washington's refusal to exempt Delhi from higher taxes on steel and aluminium imports, reports BBC.

Ebix said Monday in a press release it's not aware of any news, events or tariffs that would negatively impact its financial and insurance exchanges and global operations.

"Ebix remains confident in its growth outlook for 2018 and its ability to achieve its goal of reaching greater than $800 million in annualized quarterly revenues by the fourth quarter of 2019," the press release said.

When asked if the tariffs have impacted shares, an Ebix spokesperson told Benzinga, "This tariff impact seems nonsensical but does play into the short position and they have stretched every fact beyond recognition to lean on the stock."

Ebix shares traded down 13% to $46.25 at time of publication.

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Photo courtesy of Ebix.