Israel-Hamas war impact? Adani Ports share price down over 6% in October so far
₹2,50,00,000 divided into 25,00,000 equity shares of ₹10 each. Udanvat is incorporated with an object to carry out business activity of owning and leasing of Aircraft," said Adani Ports. Adani Ports share price today opened at ₹771.25 against the previous close of ₹771.10 and rose about 1.6 per cent to the level of ₹783.30.
The stock, however, erased gains and traded flat around 12:30 pm. Adani Ports share price gained about 15 per cent in the last six months against a 7 per cent gain in the equity benchmark Sensex. The stock hit its 52-week low of ₹394.95 on February 3 this year.
At the last traded price, the stock is up 95 per cent from its 52-week low. On a monthly scale, the stock is down over 6 per cent in October so far. The stock has been in the green since March this year on a monthly basis and if it ends in the red in October, it will have broken its seven-month winning streak.
(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Experts believe the Israel-Hamas war is one of the biggest reasons behind the stock's poor show in October so far. Adani Ports owns Haifa Port in northern Israel.
On October 7, the Israel-Hamas conflict started. The stock is down about 7 per cent since that day. Meanwhile, Adani Ports said in an exchange filing on October 9 that it is closely watching the crisis in Israel and is ready with a business continuity plan.
"We are closely monitoring the action on the ground which is concentrated in South Israel, whereas Haifa port is situated in the North. We have taken measures to ensure the safety of our employees and all of them are safe. We remain fully alert and prepared with a business
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