Why This Adani Stock Is Crashing 4% Today

Adani Port’s share price slumped around 4% on Monday morning to hit an intraday low of ₹796.

What Happened: The dip today comes as investors seem concerned with the escalation in the Israel-Palestine crisis. The Adani Group company had acquired the Israel-based Haifa port earlier in the year. The company had acquired the port earlier this year for $1.2 billion (around ₹9,800 crore).

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The news has halted the stock’s two-straight session-gaining streak. The fall in the Adani stock is in line with the broader market sentiments, with both benchmark indices trading lower. At open, the Sensex, registered a decline of 469.97 points or 0.71%, while the Nifty 50 saw a decrease of 141.90 points or 0.72%. All 10 listed Adani stocks were trading in the red in early trade on Monday.

Adani Port’s share price has been making its recovery over the past few months after the Adani Group was hit by the Hindenburg report earlier this year. In the last six months, the stock has gone up over 20%.

Price Action: Adani Port’s share price was down 3.95% to trade at ₹797.95 in early trade on Monday.

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Posted In: EquitiesMarketsMoversTrading IdeasAdani GroupAdani Ports