WASHINGTON: Adani Ports and SEZ shares slumped 4 per cent on Monday on profit taking, traders said. Adani Ports was the top Nifty50 loser in a Mumbai market that traded flat. Adani Ports shares, which were beaten down post Q4 earnings announcement last month, had staged a strong comeback above Rs 200 last week. The stock had gained over 10 per cent since May 24 against 6 per cent rally in the Nifty50, leading to profit taking today, traders added.
Other Adani Group companies were also under selling pressure today. Adani Enterprises shares were down over 2 per cent after the company said it may abandon its proposal to build one of the world’s biggest coal mines in Australia because of long delays.
Adani is battling multiple legal challenges from green groups opposed to its $10-billion Carmichael mine, rail and port project. “You can’t continue just holding. I have been really disappointed that things have got too delayed,” Gautam Adani, founder and chairman of the Adani Group told The Australian. Adani, which aims to start building the Carmichael mine in 2017, expects to be able to go ahead eventually as most of the coal is slated to go to its own power stations in India. Meanwhile, Adani Power shares were trading 3 per cent lower, while Adani Transmission shares were down over 0.5 per cent.
