Adani Ports shares fall over 6% on environment ministry fine news
Shares of Adani Ports and Special Economic Zone plummeted 6.4% to Rs 122.15 on the Bombay Stock Exchange on Tuesday on media reports.
By Rachita Prasad, ET Bureau | Updated:
MUMBAI: Shares of Adani Ports and Special Economic Zone plummeted 6.4% to Rs 122.15 on the Bombay Stock Exchange on Tuesday on media reports that the company has been fined Rs 200 crore by the union environment ministry.
The ministry’s decision follows the recommendation of a committee, headed by environmentalist Sunita Narain.
In April, ET had reported that an environment ministry committee has recommended levying a fine of at least Rs 200 crore on Ahmedabad-based Adani Group’s Mundra Port and Special Economic Zone Limited, citing incontrovertible evidence, for damaging mangroves, creeks and the local environment at the project site.
On Tuesday, media was abuzz with reports of the fine on the Adani Group on Tuesday, weighing shares of all group companies. Adani Power shares closed at Rs 32.70, down 4.1%, while Adani Enterprises fell 3.8% to end at Rs 133.85 on the BSE. BSE’s benchmark index Sensex closed 3.45% lower at 18,234.66.
The ministry’s decision follows the recommendation of a committee, headed by environmentalist Sunita Narain.
In April, ET had reported that an environment ministry committee has recommended levying a fine of at least Rs 200 crore on Ahmedabad-based Adani Group’s Mundra Port and Special Economic Zone Limited, citing incontrovertible evidence, for damaging mangroves, creeks and the local environment at the project site.
On Tuesday, media was abuzz with reports of the fine on the Adani Group on Tuesday, weighing shares of all group companies. Adani Power shares closed at Rs 32.70, down 4.1%, while Adani Enterprises fell 3.8% to end at Rs 133.85 on the BSE. BSE’s benchmark index Sensex closed 3.45% lower at 18,234.66.
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