Adani Ports and Special Economic Zone Ltd shares have declined nearly 20% from their 52-week high seen on 9 June on the National Stock Exchange. Though Adani Ports had said that the three foreign portfolio investor (FPIs) accounts were not frozen, the stock is yet to recover fully. In its financial year 2021 annual report, Adani Ports said it plans to double its cargo volumes to 500 million tonne by 2025. Thus, with negligible loans and advances to Group entities and minimal share pledges, we believe Adani Ports is largely insulated from the Group’s performance." To be sure, investors should note that despite the recent weakness in the shares, the Adani Ports stock has substantially outperformed the broader Nifty 100 index so far this calendar year.

Source: Mint July 08, 2021 05:48 UTC