Adani Ports shares drop over 6pc; m-cap dips by Rs 2,329 cr

Shares of Adani Ports and Special Economic Zone slumped over 6 per cent today after rating agency Moody's revised the outlook on APSEZ to negative from stable.
The stock sank 6.14 per cent to settle at Rs 171.85 on BSE. During the day, it dipped 7 per cent to Rs 170.15.
At NSE, shares of the company plunged 6.35 per cent to end at Rs 171.55.
The stock was the biggest loser on both Sensex and Nifty.
Led by the decline in the stock, the company's market valuation fell by Rs 2,329.69 crore to Rs 35,589.31 crore.
In terms of volume, 13.25 lakh shares of the company were traded at BSE and over one crore shares changed hands at NSE during the day.

The change in ratings outlook reflects the company's lower volume growth, mainly due to lower coal volumes, and a rise in capital expenditure and financial leverage, when compared to previous expectations.
"The sharp decline in coal cargo for APSEZ's ports due to reduction in coal imports by India, together with some state-owned utilities shifting their cargo to government owned ports, is likely to have material impact on the growth trajectory of APSEZ," said Abhishek Tyagi, Moody's Vice President and Senior Analyst.
"Such a decline reduces the company's ratings headroom.