Shares of adani Ports and Special Economic Zone (APEZ) fell by 2 percent to Rs 1343.15 today. This is the seventh consecutive session when APEZ shares have registered a decline. Yesterday, on june 18, the shares were trading at Rs 1,369 per share, down 2 percent during the day.
Shares crashing for seven consecutive days
Ever since the war between iran and israel started, adani Ports shares have been falling. thursday is the seventh day of the war. In fact, investors are worried about the security of its major port Haifa Port in israel amid the ongoing tension in the Middle East. The ongoing conflict between the two countries is deepening. Ever since the war started, both have been continuously attacking each other with missiles and drones. iran has fired more than 400 missiles at israel and launched hundreds of drones.
Iran's rapid attack on Israel
Israeli prime minister Benjamin Netanyahu says that 24 of his citizens have been killed and more than 800 people have been injured in the attack by Iran. The situation is such that more than 3,800 residents have been forced to leave sensitive areas. Apart from this, recently iran targeted Haifa Port and a refinery near it. Now the biggest question is what does the tension in the Middle east have to do with adani Ports, which has been crashing for seven consecutive days?
Why are adani Ports shares falling?
In fact, adani Ports and Special Economic Zone (APEZ), along with Israel's Gadot Group, bought 70 percent stake in Haifa Port for a total of $ 1.18 billion in january 2023. This port is one of the major ports of Israel.
Now investors are worried that if iran attacks Haifa Port, it may stop business activities. As a result, there may be a loss of crores of rupees. However, the CFO of adani Group has clearly said that the conflict has not affected Haifa Port and it is fully functional. Here, there is such an atmosphere of fear among investors that the shares of adani Ports have fallen by more than 6 percent in the last five days. However, in the last six months, the company's shares have also seen a rise of more than 13 percent. At the same time, in the last one year, its shares have also registered a decline of 5 percent. That is, there is a series of fluctuations in the shares of APEZ..jpg)
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