Adani Ports Sheds Over 5% in 5 Sessions; West Asia Conflict Weighs on Sentiment

Shares of Adani Ports and SEZ extended losses on the National Stock Exchange as tensions in the West Asia region continued to weigh down investor sentiment. The stock was among the top laggards from the BSE Sensex30 pack on Thursday. In the last 5 trading sessions, the shares of the company have dropped around 5.7% on the NSE.

At 03:05 pm, the shares of the company were trading at ₹1,338.40, down by 2.53% on the NSE.

The escalating tensions between Israel and Iran have heightened concerns around the operations of Hafia port. Last week, the Adani-owned firm made headlines after Iran attacked Israel's Haifa Port. However, Adani Ports affirmed to investors that the Port remains fully operational despite the recent ballistic missile attack. Both nations continue to exchange direct strikes.

Meanwhile, Israel’s Haifa-based Bazan (oil refinery) has fully halted its refinery operations after an Iranian strike caused damage to a power station at the site, the company disclosed in a regulatory filing on Monday.

Adani Ports Share Price

In the last 1 month period, the shares of the company have struggled to trade in green. However, so far this year at least, Adani Ports shares have witnessed a rise of 9.84%. On an annual basis, the shares have dropped by nearly 8% on the NSE. Currently, the company's stock is down by over 16% from its 52-week high of ₹1,604 price level.

Over the past 2 years, Adani Ports has focused on expanding its presence along maritime routes linked to growth in Indian trade. Its recent acquisition of the 50 MTPA-capacity North Queensland Export Terminal (NQXT) in Australia marks the group’s fourth international port asset, following investments in Haifa (Israel), Colombo (Sri Lanka) and Dar es Salaam (Tanzania).

Adani Ports and Sez, India's largest private ports and logistics company owns a 70% stake in Hafia Ports alongside Israel's Gadot group.