Stock Market update: Adani Ports share price falls by 3% despite a strong YoY growth

Adani Ports has seen a decline in its share price by 3.07%, on January 6, 2022, 12:38 PM IST.

Adani Ports is India’s largest private multi-port operator. The share price of Adani Ports has fallen down by 3.07% despite the Year-over-year growth rate. The stocks of Adani Ports have come down by 23.05 points, which is 3.07% and hits at Rs 732.05 per equity share as of January 6.

On December 09, 2021, the share price of Adani Ports was at Rs 769.75 per equity share which was comparatively higher than this month. However, on January 5, 2022, the share price went up to Rs 754 per unit but again came down.

The net income of Adani Ports as of September 2021, was estimated to be around INR 4,066.78 crores which were lower than the previous high INR 4,938.43 of June 2021. According to a report by Statista, the revenue of Adani Ports and Special Economic Zone Limited was over 125 billion Indian rupees in the year 2021. Whereas, it was over 118 billion Indian rupees in the year 2020.

Earlier on 13 September 2021, around 3000 kilograms of heroin was seized from two containers at the Mundra port, Gujarat, run by Adani Ports. As per a report, the containers came from Afghanistan. After a lot of criticism on social media, the Adani Group stated that it had no authority to examine the containers.

Because of the drug haul, the Adani Group banned the import and export of cargo from Afghanistan, Iran and Pakistan at Mundra Port on October 11 which was later on removed after a month of ban as the company claimed that it had taken consultations with terminal and vessel operators regarding the matter and agreed to adhere to security compliances.

 

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