Adani Enterprises Profit Plummets Amid Coal Market Struggles
Adani Enterprises Ltd saw a 4% drop in stock value after reporting a 49% decline in June quarter profit, primarily due to weak coal demand. The flagship company of billionaire Gautam Adani noted reduced revenue from its coal division, impacting its financial performance significantly.
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Shares of Adani Enterprises Ltd fell by 4% on Thursday, following the announcement of a stark 49% decline in profit for the June quarter.
The company's stock closed at Rs 2,430.95 on the BSE, marking a notable intra-day low of Rs 2,422.35, while on the NSE, it recorded a similar 4% drop.
The profit setback was attributed to weak demand in the coal sector, which overshadowed growth in the airport and mining units, with overall operations revenue decreasing by 14% to Rs 22,437 crore.
(With inputs from agencies.)
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