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This article is more than 2 month old.

Adani Ports slumps 7% post Q2 results; stock falls most on Nifty50

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The stock was the worst performer on Nifty50, and was down 6.8 percent at Rs 695.30. The stock opened with a gap down open of near 3 percent today.

Adani Ports slumps 7% post Q2 results; stock falls most on Nifty50
Shares of Adani Ports and Special Economic Zone (Adani Ports) fell more than 7 percent after the company reported lower-than-expected numbers for the September quarter.
The stock was the worst performer on Nifty50 and was down 6.8 percent at Rs 695.30. The stock opened with a gap down open of near 3 percent today.
The stock has been losing for the last six days and has fallen more than 12 percent during the period.
The company's Q2 consolidated revenue from operations rose 22 percent on year to Rs 3,532.4 crore which was sharply below CNBC-TV18 poll estimate of Rs 4,050 crore.
The conglomerate's net profit slumped 31 percent on year to Rs 951.7 crore which was also sharply lower than the estimated Rs 1,492 crore.
adani ports, adani ports earnings, adani ports share price, stock market
adani ports, adani ports earnings, adani ports share price, stock market
On the other hand, billionaire Gautam Adani's port-to-energy conglomerate on Wednesday said the company has decided to exit its investments from Myanmar by June 2022.
"The Company’s Risk Management Committee, after a review of the situation, has decided to work on a plan on exiting Company’s investment in Myanmar, including exploring any divestment opportunities (Expected to be concluded by Mar - Jun 2022)," Adani Ports and Special Economic Zone Ltd (APSEZ) said in a filing on Wednesday.
In August this year, Adani Ports had said its investment in a port in Myanmar was not in violation of any sanction guidelines issued by the Office of Foreign Assets Control (OFAC) of the US Department of Treasury.
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