Adani Ports and Special Economic Zone (APSEZ) has issued a clarification statement following a decline in its stock prices. The company has emphasised that Haifa Port’s contribution to APSEZ’s overall cargo volume stands at a modest 3 percent.
For the current fiscal year (April 2023 to March 2024), APSEZ has guided a cargo volume range of 370-390 million metric tons (MMT), while Haifa Cargo volumes are expected to fall between 10-12 MMT. In the initial six months (April-September 2023), APSEZ handled a total cargo volume of approximately 203 MMT, with Haifa’s share comprising around 6 MMT.
Adani Ports operates Haifa Port in Israel, a major seaport responsible for managing about 99 percent of all goods transported in and out of the nation by sea. Concerns among investors have arisen due to recent escalations in the Israel conflict, where Adani Ports has a significant port presence.
In response to these concerns, Adani Ports saw its shares fall by as much as 3.8 percent on Monday.
