Adani Ports slumps 12%; mcap down by Rs 5,849 crore

MUMBAI: Shares of Adani Ports and Special Economic Zone today slumped 12 per cent, wiping out Rs 5,849 crore from its market valuation, as concerns over its margins and other factors spooked investor sentiment.

After falling 12.78 per cent to Rs 205.75 in intra-day trade, shares of the company finally ended at Rs 207.65, down 11.98 per cent on BSE.

On NSE, the stock nosedived 11.57 per cent to close at Rs 208.25.

The company's market valuation tumbled Rs 5,849.69 crore to Rs 43,003.31 crore.

The stock was the top loser on both Sensex and Nifty.

On the volume front, 30.09 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

"Port EBITDA came lower-than-expectation," Emkay Global Financial Services said in a report.

EBITDA is earnings before interest, tax, depreciation and amortization.

Adani Ports and Special Economic Zone Ltd (APSEZ) yesterday reported a 38 per cent jump in consolidated net profit to Rs 914.06 core for the March quarter on account of rise in income.

The company had clocked a net profit of Rs 660.73 crore in the corresponding quarter of the 2014-15 fiscal.

Adani Ports and SEZ in a BSE filing also said the board of directors at its meeting held on May 3, 2016, have accorded approval for seeking approval of shareholders to raise funds by issue of equity shares/convertible bonds through QIP/ GDR/ADR/FCCBs/FCEBs/convertible securities for upto Rs 10,000 crore.

To issue secured/unsecured redeemable non-convertible debentures on private placement basis within the overall borrowing limits of the company, the filing added.

Selling was also seen in Adani Enterprises which tumbled 7.69 per cent and Adani Power which lost 3.94 per cent.

Meanwhile, weakness was also seen in the broader market where the Sensex fell by 127.97 points to end at 25,101.73.