ADANIPORTS

The shares of Adani Ports & Special Economic Zone (APEZ) dropped around 2 percent on June 18 to trade at around Rs 1,369 apiece in the afternoon. The stock has now extended losses to the sixth consecutive session as investors remain concerned about the potential threat to its key port in Israel amid the ongoing conflict in the Middle East. The war between Israel and Iran entered its sixth day today, with multiple missiles continuing to be shot by the two nations at each other. Since the outbreak of the hostilities last week, Iran has fired more than 400 missiles and launched hundreds of drones at Israel. According to a statement from Israeli Prime Minister Benjamin Netanyahu's office, the increased attacks have killed 24 people so far, injured over 800 and forced more than 3,800 residents to evacuate from vulnerable areas. Adani Ports owns a majority stake in Haifa Port in Israel. The company had acquired the port for a total consideration of $1.18 billion in 2023. The port is one of Israel’s major seaports. Iran had targeted the Haifa port and a nearby oil refinery during the weekend. However, Adani Group CFO clarified that Adani's port was not impacted by the conflict.