Adani Ports stock top weekly loser on Nifty post attack on Haifa Port 

Markets are lying flat, bereft of volume, as traders and investors remain on the sidelines due to escalating war clouds in West Asia. Adani Ports, the flagship of the Adani Group, was the top weekly loser on the Nifty – down 7% to its lowest since early May – as reports emerged that it’s Haifa unit in Israel had been stuck by Iranian missiles. The news was denied by the Gujarat-based Adanis.

The Adanis purchased a 70 percent stake in Israel’s Haifa port in January 2023 as a part of strategy to increase their global footprint and to provide New Delhi a strategic toehold in the India-Middle East Economic Corridor.

Escalatory missile strikes between Tehran and Tel Aviv have hit economic infrastructure in both west Asian countries. Israel wants Iran’s nuclear ambitions destroyed whereas Tehran is fighting a rear guard battle to regain control.

Meanwhile, Adani Ports saw its market capitalisation decline 10.5% to Rs 2.88 lakh crore since June 10.  Israel hit Iran on Friday – June 13.

Haifa, situated in North Israel, is the largest port of the Jewish nation. Adani Ports and Special Economic Zone owns 70 percent stake in Haifa Port, which handles about 3 percent of Adani Ports’ total cargo volume.