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Adani Ports shares slip 5% after S&P removes stock from its sustainability index

It will be removed from the index prior to the open on Thursday, April 15, it said in a statement on Tuesday.

April 13, 2021 / 09:42 AM IST
 
 
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Adani Ports and Special Economic Zone share price slipped 5 percent in early trade on April 13 after S&P Dow Jones Indices removed the stock from its sustainability index.

S&P Dow Jones Indices said it has removed India's Adani Ports and Special Economic Zone Ltd from its sustainability index due to the firm's business ties with Myanmar's military which is accused of human rights abuses after a coup this year, reported Reuters.

India's largest private multi-port operator is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC).

It will be removed from the index prior to the open on Thursday, April 15, it said in a statement on Tuesday.

India's Adani Group said on March 31 it would consult authorities and stakeholders on its port project in Myanmar, after human rights groups reported its subsidiary had agreed to pay millions of dollars in rent to the military-controlled firm.

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On April 12, Flipkart announced a strategic and commercial partnership with the Adani Group. Flipkart will work with Adani Logistics, a wholly owned subsidiary of Adani Ports & Special Economic Zone Limited, to strengthen Flipkart’s supply chain infrastructure and further enhance its ability to serve its rapidly growing base of customers.

adani port

At 09:23 hrs, Adani Ports and Special Economic Zone was quoting at Rs 716.65, down Rs 27.85, or 3.74 percent on the BSE.

The share touched a 52-week high of Rs 885 and a 52-week low of Rs 243.10 on 07 April, 2021 and 08 April, 2020, respectively.

Currently, it is trading 19.02 percent below its 52-week high and 194.8 percent above its 52-week low.
Moneycontrol News
first published: Apr 13, 2021 09:42 am

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