Adani Ports shares in focus as CFO denies damage to Haifa Port in Iranian missile strike

Adani Ports shares will be in focus on Monday after Adani Group CFO Jugeshinder Robbie Singh refuted reports claiming that the company’s Haifa Port in Israel had been damaged in Iranian missile strikes over the weekend.

Late on Saturday night, Iran targeted Israel's Haifa port and a nearby oil refinery in response to Tel Aviv's attack on Iranian nuclear and other targets earlier this week.

Shrapnels fell in the chemical terminal at the port, and some other projectiles fell at the oil refinery, two sources aware of the matter said. They claimed there were no injuries.



A piece of interceptor shrapnel was also found at the Kishan West (Haifa port), but there were no injuries, they said.

The Iranian ballistic missile attack did not inflict any damage to the port or its operations, news agency PTI reported, quoting its sources.

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Adani's Haifa port

At the centre of Adani’s presence in Israel is Haifa Port, where Adani Ports holds a 70% stake acquired in 2023 for $1.2 billion in partnership with Israel’s Gadot Group. Strategically located in northern Israel, the port contributes approximately 3% to Adani Ports’ annual cargo volume and is crucial for Israel's imports and exports.

Haifa port serves as a crucial maritime hub, handling over 30% of Israel's imports. It is owned by Adani Ports, which controls a 70% share.

The missiles may have caused damage to a major oil refinery near the port, but there was no official comment on the impact.

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During past regional escalations, Adani Ports shares had slipped as dry bulk vessels encountered bottlenecks. Market participants note that while the financial exposure may be limited, the symbolic and strategic weight of the asset makes it vulnerable to sustained geopolitical tensions.

Haifa is less than 2 per cent of the volume handled by Adani Ports and SEZ and contributed about 5 per cent of the revenue. APSEZ handles a total cargo of 10.57 million tonnes.

Israel attacked Iran early Friday, targeting its nuclear, missile and military infrastructure. Iran later launched retaliatory strikes on Israel. The two countries traded strikes for a third day on Sunday as the Middle East region braced for a protracted conflict.

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Iran said Israel struck two oil refineries, raising the prospect of a broader assault on Iran's heavily sanctioned energy industry that could affect global markets. Some Iranian missiles evaded Israeli air defences to strike buildings in the heart of the country.

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