Rs 5,000 crore gone within 2 hours of stock market trading! Adani Ports plunges 6% on weak Q1 FY19 results

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Published: August 7, 2018 12:15:06 PM

Adani Ports and Special Economic Zone, India's largest company multi-port operator led by billionaire industrialist Gautam Adani, lost more than Rs 5,000 crore in market cap within 2 hours of stock market trading on Tuesday.

The stock of Adani Ports and Special Economic Zone crashed as much as 6.68% to a two-week low of Rs 371.2 on BSE today. (Image: Reuters)

Adani Ports and Special Economic Zone, India’s largest company multi-port operator led by billionaire industrialist Gautam Adani, lost more than Rs 5,000 crore in market cap within 2 hours of stock market trading on Tuesday. Shares of Adani Ports plunged over 6% in the early session on Tuesday after the company reported a weak first-quarter result for the financial year 2018-2019. Shares of Adani Ports and Special Economic Zone were the biggest losers among all the components of Sensex and Nifty, and were among the biggest drags on both the indices after Reliance Industries.

The stock of Adani Ports and Special Economic Zone crashed as much as 6.68% to a two-week low of Rs 371.2 on BSE while the stock declined 6.61% to a day’s bottom of Rs 371.1 on NSE. This was the biggest intraday percentage fall in Adani Ports and Special Economic Zone share price at least since 7 March 2018. At the time of writing, Adani Ports shares washed out a little over 20 points from BSE Sensex index.

Following the steep plunge in the share prices, over Rs 5,000 crore were eroded from the market capitalisation of Adani Ports and Special Economic Zone. According to the day’s low share price, Adani Ports and Special Economic Zone commands a stock market value or market capitalisation of Rs 76,894.41 crore on Tuesday, down Rs 5,477.7 crore from yesterday’s closing. Adani Ports and Special Economic Zone held a market capitalisation of Rs 82,372.11 crore on Monday.

Other Adani Group stocks were also trading in the negative territory including Adani Power (down 9%), Adani Green Energy (down 5%), Adani Enterprises (down 4.5%) and Adani Transmission (down 2.6%).

Earlier yesterday, Adani Ports and Special Economic Zone posted a decline of 9% in the consolidated net profit to Rs 697.4 crore for the Apr-Jun period of the current fiscal year as compared to a net profit of Rs 767.52 crore in the corresponding period of the last year. While, on the standalone basis, Adani Ports’ net profit nearly halved on a quarterly basis to Rs 359.36 crore, down 48.7% from Rs 700.59 crore in Q4 FY18 and fell 28.06% from Rs 499.67 crore in Q1 Fy18.

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