Adani Ports and Special Economic Zone Limited (APSEZ) shares continued to slump for the second straight session even as the company posted a strong operational update today.

What Happened: The company reported that during April-June 2023, APSEZ clocked approximately 101.4 million metric tonnes (MMT) of total cargo volumes, marking a strong 11.5% year-over-year growth. This growth was observed across most ports and all three broad cargo segments – Container +19%, Liquids & Gas +8%, and Dry Bulk +7%.

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In June 2023 alone, APSEZ handled approximately 32.8 MMT of cargo, including around 1 MMT at its Haifa Port. The company’s logistics volume also continued to record a significant jump with year-to-date rail volumes of 131,420 TEUs (+18% YoY) and GPWIS volumes of 4.35 MMT (+40%).

Price Action: Adani Ports’ share price was down 0.45% to trade at ₹735.90 in the early hours of trading on Monday.

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