S&P Dow Jones Indices said it has removed India’s Adani Ports and Special Economic Zone Ltd from its sustainability index due to the firm’s business ties with Myanmar’s military.
India’s largest private multi-port operator is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC).
India’s Adani Group said on March 31 it would consult authorities and stakeholders on its port project in Myanmar, after human rights groups reported its subsidiary had agreed to pay millions of dollars in rent to the military-controlled firm.
Removal date
It will be removed from the index prior to the open on Thursday, April 15, it said in a statement on Tuesday.
Impact on Stock Market
Shares of Adani Ports and Special Economic Zone, on Tuesday, fell 5 per cent to Rs 704 on the BSE after S&P Dow Jones Indices announcement.
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