Adani Ports slips 6% as firm removed from S&P sustainability index

Shares of Adani Ports and Special Economic Zone, on Tuesday, fell 6 per cent to Rs 702 on the BSE after S&P Dow Jones Indices said it has removed the company 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.

The changes will be made to the index prior to the open on Thursday, April 15, S&P Dow Jones Indices said in a statement.

The company is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC), Reuters said in a report. 

The military coup on February 1 and ensuing crackdown on protests in Myanmar has seen some 700 people killed. Adani Group said late last month it would consult authorities and stakeholders on the project after human rights groups reported that its ports unit had an agreement to pay millions of dollars in rent to MEC, the report said. READ MORE

At 11:36 AM, the stock was trading 4.16 per cent lower at Rs 713.50 as compared to 0.24 per cent gain in the benchmark S&P BSE Sensex. Around 2.56 crore shares have changed hands on the NSE and BSE, combined, so far.

Adani Ports reported a 41 per cent year on year (YoY) jump in cargo volume business at 26 million metric tonnes (MMT) in March. APSEZ said that it handled cargo volume of 73 MMT in January-March quarter of the financial year 2021 (Q4FY21). For the full FY21, APSEZ handled cargo volume of 247 MMT, registering a growth of 11 per cent on a YoY basis.