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Shares of the country’s largest private shipping port operator fell as much as 5.72 per cent to hit an intraday low of Rs 701.85 after the S&P Dow Jones Indices said it has removed Adani Ports and Special Economic Zone Ltd from its sustainability index due to the firm’s business ties with Myanmar’s military which is accused of human rights abuses after a coup this year.
Adani Ports is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC).
It will be removed from the index prior to the open on Thursday, April 15, it said in a statement on Tuesday.
More than 700 people have been killed since a Feb.1 military coup that ousted an elected government led by Aung San Suu Kyi.
The port developer did not immediately respond to a Reuters emailed request for comment outside of regular business hours.
Adani Group said on March 31 it would consult authorities and stakeholders on its port project in Myanmar, after human rights groups reported its subsidiary had agreed to pay millions of dollars in rent to the military-controlled firm.
Adani Ports shares have fallen 15 per cent in last two sessions after hitting a record high of Rs 885 on April 7. The stock has given strong returns over the year as it has more than tripled from low of Rs 247 hit in April last year.
As of 2:18 pm, Adani Ports shares traded 4 per cent lower at Rs 715, underperforming the Nifty which was up 1.2 per cent.
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