Adani Ports Shares Decline Further By Over 2% After Monday's Dip

As the Indian markets continue to trade in volatility, some individual shares are trailing behind their best. Adani Ports shares are one of the equity shares that have not been helped by the overall decline in market sentiment.

October Update

The company shares dropped by over 2 per cent in the early hours of the day's trade on Tuesday, November 5. This comes a day after another day of decline in the value of shares on Monday.

On Monday, Adani Ports gave a status report on the volume of cargo managed by the company. Adani Ports handled a total of 37.9 MMT of cargo in the month of October. Adani Ports also reported an 8 per cent year-on-year growth in overall handling.

Adani Ports handles almost all of the major ports in the country, including Mundra Port, Vizhinjam Port and Karaikal Port.

Company Results

When it comes to the company's quarterly performance, its total income jumped to Rs 7,372.37 crore, exhibiting a 6 per cent from Rs 6,951.86 crore recorded in Q2 FY24.

Another important figure, that of profit, also saw a rise. The company attained a profit growth of 37 per cent to Rs 2,412.54 crore. This figure was greater than the net profit of Rs 1,761.63 crore achieved a year ago.

In addition, the company also claimed that it is en route to hitting yearly guide volume.

Adani Ports Shares In Decline

However, despite all these developments, the company shares have declined significantly. On Monday, the shares closed with an overall dip of mammoth 3.24 per cent or Rs 45.14, before closing at Rs 1,349.25 per share.

On Tuesday, November 5, the same trend continued, as the share decline tipped over the 2 per cent mark. As the day progressed, the decline only expanded. At 10:23 IST, the shares of Adani Ports dropped by 2.92 per cent or Rs 39.35, dipping to Rs 1,309.90 per share.