Adani Ports and Special Economic Zone Ltd has been removed by New York-based stock exchange S&P Dow Jones Indices 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.
Reportedly, following the removal of the Adani Ports, the shares of the country’s largest private shipping port operator fell as much as 5.72 per cent to hit an intraday low of ₹ 701.85. It will be removed from the index prior to the open on Thursday, April 15, it said in a statement on Tuesday.
“Adani Ports will be removed from the Dow Jones Sustainability Indices following a media & stakeholder analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar’s military, who are alleged to have committed serious human rights abuses under international law,” the division of S&P Global said in a statement on its website.
According to Reuters, Adani Ports is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC).
Myanmar has been under the grip of military coup since February, after the democratically elected government were ousted and civilian leader Aung San Suu Kyi along with other leaders were detained. It has triggered a massive uproar in the country with mass protests being held for the return of the democracy.