Adani group in the red

Adani Enterprises is among the top losers on the BSE currently, going down over 4% to Rs.147; Adani Power slipped 1.25% to Rs.34.95; Adani Ports fell 1.7% to Rs.398.25 and Adani Enterprises is down 1.8% at Rs.197.40.

The future of Adani’s $12.6 billion Carmichael coal mine project is under a cloud following news reports that Queensland Premier Annastacia Palaszczuk’s Labor government is favored to return to power in the northeast Australian state.

Prime Minister Malcolm Turnbill was in complete support of the project while the Labour Govt is completely opposed as it threatens the life of the coral reef. In fact Federal Resources Minister Matt Canavan has conceded the future of the giant Adani coal mine is in doubt following the likely re-election of the Queensland Labor government.

Earlier during the month, Ms Palaszczuk's decision to veto the loan meant the mine was now unlikely to go ahead.