Adani group shares crack on no royalty holiday for coal mine in Australia

NEW DELHI: Shares of Adani group companies on Monday plunged up to 8 per cent on reports that the Queensland government may not grant royalty holiday to Adani Enterprises’ proposed Carmichael mine project in Australia.

Reports further suggested that Adani group was considering exiting the coal project.

"There will be no royalty holiday for the Adani Carmichael mine. The Adani Carmichael mine will pay every cent of royalties in full," PTI quoted Queensland Premier Annastacia Palaszczuk as saying.

At the end of session, shares of Adani enterprises was down 3.84 per cent, eventually closing at Rs 111.30 on BSE.

Adani Power fell 8.65 per cent, but recovered marginally and closed at Rs 26.80, down 7.27 per cent. The power company reported a consolidated net loss of Rs 4,960.53 crore for the fourth quarter, compared with Rs 1,021.19 crore profit in the year-ago quarter.

Adani Ports and Special Economic Zone closed at Rs 328.30, down 5.38 per cent, while Adani Transmission closed at Rs 110.05, down 4.47 per cent.