MUMBAI: The stock price of Adani Ports & SEZ, which owns and operates Haifa port in Israel, crashed 5.5% in early trades on Monday but closed off the low at Rs 790, down 4.9%. Insiders called it a knee-jerk reaction to the news from West Asia. The company said its operations at the Israel port were unaffected since the fighting in Israel was concentrated at a different part of the country.
The stock opened at Rs 805, down 3% on the day, dipped to an intraday low at Rs 786 but recovered some ground at close. Adani Ports said its operations are unlikely to be affected since the fighting is concentrated in the south of Israel while Haifa port is in the north. It aid that currently this port contributes just 3% to the company’s overall business in terms of total cargo tonnage.
The troubles in West Asia didn’t impact other companies like Sun Pharma, Tech Mahindra and TCS that also have a presence in Israel.
The stock opened at Rs 805, down 3% on the day, dipped to an intraday low at Rs 786 but recovered some ground at close. Adani Ports said its operations are unlikely to be affected since the fighting is concentrated in the south of Israel while Haifa port is in the north. It aid that currently this port contributes just 3% to the company’s overall business in terms of total cargo tonnage.
The troubles in West Asia didn’t impact other companies like Sun Pharma, Tech Mahindra and TCS that also have a presence in Israel.
