Adani Ports shares fall most on Sensex, down 8% since attack on Haifa Port

Shares of Adani Ports were the top Sensex losers on Thursday as war between Israel and Iran intensified, making sentiment negative for the operator of Haifa Port. Haifa Port was in news last weekend after Iran targeted Israel's Haifa Port in response to Tel Aviv's attack on Iranian nuclear and other targets. 

On June 15, Adani Group said Haifa Port in Israel remains fully operational despite a recent Iranian ballistic missile attack. 

However, Adani Ports shares slipped 3% to Rs 1331.90 today against the previous close of Rs 1372.35 on BSE. Market cap of the firm fell to Rs 2.88 lakh crore. The stock has fallen nearly 8% in the last five sessions from Rs 1444 on Thursday to Rs 1331.90 in the current session. 

Amid the war in the Middle East, Adani Ports stock has slumped for the sixth straight session today. 

Adani Ports and Special Economic Zone holds a 70% stake in Haifa Port, a maritime gateway situated on Israel's northern coast. The deal to acquire Haifa Port was done at $1.2 billion in January 2023. The Haifa Port is the second-largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.

The port, with approximately 700 employees, continues to handle various cargo types, including containers, bulk, breakbulk, cement, and general cargo, adhering to all operational protocols.