Adani group stocks recover despite Carmichael mine woes

NEW DELHI: Adani group staged a rebound after falling up to 4 per cent in trade on Monday after reports emerged that the group is looking to abandon its 10-billion project to build one of the world's biggest coal mines in Australia due to long delays in getting necessary environmental clearances.

Adani Enterprises is facing stiff opposition from green groups opposed to its Carmichael mine, rail and port project.

Gautam Adani, founder and chairman at Adani Enterprises on Saturday told The Australian newspaper that the company may abandon the project because of long delays due to legal challenges.

Following the news, the stock ended higher by 0.14 per cent after dropping close to 2 per cent. The stock has hit a high of Rs 121 and low of Rs 58.45 in the past 52 weeks.

“You can't continue just holding. I have been really disappointed that things have got too delayed,” Adani told The Australian.

Adani Enterprises had on April 4 told the domestic stock exchanges that Australia's Queensland state government had given it the permission to mine coal reserves estimated at 11 billion tonnes and to build roads, workshops, power lines and pipelines associated with the mine.

Environmental groups in late April asked the Supreme Court of Queensland to review the state government's environmental approval of the mine, citing potential damage from port dredging, shipping and climate change.

Adani Ports ended 0.20 per cent lower after falling over 4 per cent in trade. Adani Transmission and Adani Power endded 0.50 per cent and 2 per cent, respectively, lower.