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Brief by Shorts91 Newsdesk / 03:44pm on 09 Oct 2023,Monday Business
Adani Ports, which acquired Israel's Haifa port this year, said Monday its business remains safe amid the Hamas attack and conflict. It stated the action is concentrated in southern Israel while Haifa port is in the north. Adani shares dropped up to 4.7% as investors expressed concerns about escalation. The company confirmed all employees are secure and it has a business continuity plan. Haifa port handles 99% of Israel's maritime goods but only accounts for 3% of Adani's overall cargo volume. The Hamas assault marked the deadliest in decades, fueling longstanding conflict. It has increased investor worries about geopolitical risks, pressuring Israel-related stocks and oil prices as the conflict's spread poses substantial risk.
