Adani Group Navigates Market Waves, Opts for Self-Funded Sri Lankan Port Project

Shares of six Adani Group companies fell during Wednesday's mid-session, notably Adani Green Energy by over 2%. Adani Ports announced the self-funding of a Sri Lankan port project without US aid, aligning with its financial strategies. A late filing confirmed the project's expected early next year completion.

On Wednesday, shares of six Adani Group companies witnessed a decline during mid-session trades, with Adani Green Energy notably dropping over 2%. The movement in stocks reflected a broader subdued sentiment in the market.

In a decisive move, the conglomerate led by billionaire Gautam Adani announced that it will self-fund the ongoing Sri Lankan port project without seeking US financial aid. This aligns with its internal capital management strategy, as stated in an exchange filing.

Adani Ports and SEZ Ltd confirmed that the much-anticipated Colombo West International Terminal project, part of a consortium effort, is on track to commence operation by early next year. This follows last year's agreement with the US International Development Finance Corp for a $553 million loan, which has now been withdrawn.

(With inputs from agencies.)