Gautam Adani-led Adani Ports and SEZ Limited, which acquired Israel's Haifa port earlier this year, said on Monday that their business remains safe amidst the recent Hamas attack and ensuing conflict.
Adani Group Chairman Gautam Adani with Israel PM Benjamin Netanyahu during a handing over ceremony of Haifa Port to Adani, Israel. (PTI)
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In a statement, the Indian private port operator said, "We are closely monitoring the action on the ground which is concentrated in South Israel, whereas Haifa port is situated in the North."
The shares of Adani Ports And Economic Zone dropped up to 4.7 per cent on Monday, as investors expressed concerns about the potential escalation of the Israel conflict. On the Nifty 50 index, the stocks were trading at ₹792, down by 4.6 per cent at 3pm.
The company added that it is ensuring the safety of its employees, confirming that all staff members are secure. "We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality," the statement read.
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The contribution of Haifa port to Adani Ports' overall cargo volume is relatively modest, accounting for only 3 per cent, according to the company's statement.
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The contribution of Haifa port to Adani Ports' overall cargo volume is relatively modest, accounting for only 3 per cent, according to the company's statement.
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Haifa port, a vital trade and tourism centre on the Mediterranean, handles approximately 99 per cent of Israel's maritime goods.
The recent attack by the terrorist group Hamas in Israeli towns marked the deadliest incursion in decades, potentially fueling the longstanding conflict.
The Saturday assault has heightened investor apprehensions regarding geopolitical risks and thus Israel-related stocks under pressure. This incident prompted a significant surge in oil prices, exceeding 5 per cent, and led to a decline in US equity futures during Asian trading. The looming possibility of the conflict spreading throughout the Middle East region continues to pose a substantial risk.
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Adani Group chairman Gautam Adani had previously expressed intentions to make further investments in Israel, aiming to "transform the entire port landscape."
Israel has hailed the deal as a significant display of trust by entrusting its strategic assets to Indian companies.
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Home/Business/'All safe': Adani Port on Israel's Haifa Port concerns post Hamas attack
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