Adani Ports & SEZ slips as stock to exit from Dow Jones Sustainability Indices

Adani Ports and Special Economic Zone (APSEZ) fell 1.78% to Rs 731.25 after the S&P Dow Jones Indices announced the removal of the stock from the Dow Jones Sustainability Indices.

"APSEZ will be removed from the Dow Jones Sustainability Indices following a media & stakeholder analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar's military, who are alleged to have committed serious human rights abuses under international law," S&P Dow Jones Indices said.

APSEZ will be removed from the index prior to the open this Thursday (15 April 2021), S&P Dow Jones Indices said in a statement.

APSEZ is reportedly building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC).

Adani Group reportedly 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.

As per reports, the military coup on February 1 and ensuing crackdown on protests has seen some 700 people killed, drawing international condemnation including sanctions last month from the United States and Britain on MEC and another military-controlled conglomerate, Myanmar Economic Holdings Public Company (MEHL).

APSEZ, a part of globally diversified Adani Group, is the largest port developer and operator in India. On a consolidated basis, the company posted a 16.23% increase in net profit to Rs 1,576.53 crore on 11.59% rise in total income to Rs 4,274.49 crore in Q3 FY21 over Q3 FY20.

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