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.

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.)