Adani Enterprises dips nearly 9 per cent on postponed Australian project

Adani Enterprises dipped over 9 percent in early trade on Tuesday, May 23, 2017, as investors turned unsure of the decision to defer investment decision in the company’s Australian project.

On May 22, 2017, the company postponed a final investment decision on the long-deferred Australian Carmichael coal project as the Queensland government was expected to sign off a royalty deal over the 25 million tonnes a year coal mine. The company’s decision on FID is likely to come after the government makes a decision on the mines.  

Adani Enterprises posted a 62 per cent rise in its consolidated net profit to Rs 340 crore in the third quarter of the fiscal year 2017.  

At 09:34 hrs, Adani Enterprises was trading at Rs 112.40, down by 7.18 percent on the BSE, on May 23, 2017. It touched an intraday high of Rs 118.55 and an intraday low of Rs 109.65 till now.