Shares of Adani Ports and Special Economic Zone traded almost 5.5 percent lower on the bourses on Monday. The stock was hovering around Rs 1,437.50 apiece at noon.
The steep fall came amid concerns over the security of Haifa Port in Israel during the ongoing war with Iran. The port is owned by the ports and logistics arm of the Adani Group.
The company sought to allay fears related to the port through a statement on Sunday. Haifa Port Company, which was jointly acquired by Adani Ports & SEZ and Israel’s Gadot Group in 2022 with an investment of $1.2 billion, said all its employees are safe and that the port’s assets and infrastructure remain secure and fully operational despite rising tensions in West Asia.
“We remain committed to ensuring the safety of our people and the continuity of operations, maintaining stability for Israel’s supply chain and international trade,” it said.
Earlier on Monday, Adani Ports & SEZ stock opened lower at Rs 1,450.05 compared to its previous close of Rs 1,520.85. During early trade, the stock touched a high of Rs 1,496.85 and a low of Rs 1,436.20.
The decline came even as port authorities said they were working in coordination with Israel’s Ministry of Transport and Road Safety and operating in accordance with official directives.
Haifa Port is Israel’s second-largest port, making it a key import and export hub for the country, which has been in conflict with Iran since Saturday.
The port handles nearly half of Israel’s container cargo and is also a principal port for passenger traffic and cruise ships. Located in northern Israel, it is adjacent to Haifa, the country’s third-largest city, and about 90 km from Tel Aviv.
