New York-based stock exchange S&P Dow Jones Indices has said that it has removed Adani Ports and Special Economic Zone Ltd from its su...
New York-based stock exchange S&P Dow Jones Indices has said that it has removed Adani Ports and Special Economic Zone Ltd from its sustainability index due to the company’s business ties with Myanmar military, which has been accused of human rights violations since a coup in February, Reuters reported on Tuesday.
Last month, a report said that the Adani Group had paid $30 million (over Rs 225 crore) to the Myanmar Economic Corporation in “land lease fees”. The amount was paid by India’s largest private multi-port operator for building a port in Yangon on land leased from the Myanmar Economic Corporation, which is backed by the country’s military, according to Reuters.
The Adani Ports and Special Economic Zone Ltd scrip will be removed from the Dow Jones index prior to market opening on April 15. The development took a toll on the firm’s listing on domestic index BSE Sensex too. By 10.20 am on Tuesday, its share price had dipped 4.25% compared to its opening mark on Monday.
The company has not yet released an official statement on the Dow Jones’ action. In a statement in February, the Adani Group had claimed that it had not engaged with military leaders for approval of the port. However, videos and photos accessed by US-based...
