Adani Ports share slips 5% after firm removed from S&P index

Adani Ports share fell over 5% today after S&P Dow Jones Indices said it has removed the Indian firm from its sustainability index due to the firm's business ties with Myanmar's military which is accused of human rights abuses after a coup this year.

Share of Adani Ports touched an intraday low of Rs 704, falling 5.44% against previous close of Rs 744.50 on BSE.

The stock has lost 11.24% in the last 2 days. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

The share has gained 175.34% in one year and risen 49.73% since the beginning of this year.

Market cap of the firm fell to Rs 1.47 lakh crore on BSE.

India's largest private multi-port operator  Adani Ports is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). It will be removed from the index prior to the open on Thursday, April 15, it said in a statement on Tuesday.

More than 700 people have been killed since a February 1 military coup that ousted an elected government led by Aung San Suu Kyi.

On March 31, Adani Group said it would consult authorities and stakeholders on its port project in Myanmar, after human rights groups reported its subsidiary had agreed to pay millions of dollars in rent to the military-controlled firm. Meanwhile, Sensex was trading 104 points higher at 47,980 and Nifty gained 23 points to 14,334.