Adani Ports is among the top five losers on the BSE currently; Adani Ports is the second top loser and Adani Power is the fifth.
Adani Ports fell over 8.5% to Rs.323.85 and continues to remain in the red.
The stock price slumped after the company announced that it will be acquiring Adani Agri Logistics from Adani Enterprises for a cash consideration of Rs.946 crore. This is being done through a wholly owned subsidiary of Adani Ports, which explains why the stock is a big loser today.
The market always frowns upon such “internal” buying of companies as it is usually looked down upon as accounting adjustments in the long run.
The deal is to be completed before 31st March 2019.
The company said the strategic move is in line with the Ports operator's vision to lead the integrated logistics services market in India with focus on hinterland logistics.
Adani Agri has a 45% market share in India’s modern Agri storage infrastructure, with agreements with Food Corporation of India (FCI) and other State-owned agencies to operate project facilities for warehousing through silos and transportation of the food grains by rails.