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Shares of Adani Ports and Special Economic Zone declined over 3% on Tuesday after Reuters reported that S&P Dow Jones Indices said it is removing the company from its sustainability index due to the firm’s business ties with Myanmar’s military which is accused of human rights abuses after a coup this year.
The scrip traded 3.14% down at Rs 721.15 at around 10.56 am (IST). On the other hand, the benchmark BSE Sensex was up 172 points, or 0.36%, at 48,056 at around the same time.
Adani Group said late last month it would consult authorities and stakeholders on the project after human rights groups reported that its ports unit had an agreement to pay millions of dollars in rent to MEC, according to Reuters.
The company will be removed from the index prior to the open this Thursday, S&P Dow Jones Indices said in a statement.
On the other hand, shares of Adani Enterprises were up 1.48% at Rs 1092.05, while Adani Green Energy and Adani Power traded 2.65% and 1.67% down at Rs 1,057 and Rs 91.35, respectively.