Adani Ports shares tumble nearly 7% after disappointing Q1 results

New Delhi: Shares of Adani Ports and Special Economic Zone (APSEZ) on Tuesday tumbled nearly 7 percent in closing trade after the company reported disappointing Q1 results.

At close, the stock tanked 6.49  percent to Rs 371.95 on BSE. On NSE, shares of the company dived 6.08 percent to Rs 373.20.

The stock was the worst hit among the blue chips on both the key indices during the morning trade.

APSEZ yesterday reported 9 percent decline in consolidated profit to Rs 697.40 crore for the first quarter of 2018-19 financial year. It had posted a net profit of Rs 767.52 crore in April-June, 2017-18, APSEZ said in a filing to BSE. The consolidated income also fell to Rs 2,703.86 crore from Rs 2,959.63 crore in the year-ago period.

Adani Ports and Special Economic Zone is India's leading port developer and operator.

APSEZ has 10 strategically located ports and terminals, including Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai - representing 24 per cent of India's total port capacity.

With PTI Inputs