India’s Adani Port and Special Economic Zone Ltd. will be removed from the S&P 500 and Dow Jones indices on Thursday for ties it has to Myanmar’s military.
Adani Group is currently in the process of building a $290 million port in Yangon, Myanmar on land that is being leased by the Myanmar Economic Corporation (MEC). The MEC is backed by Myanmar military forces, which are currently accused of human rights violations by the U.N. and other western nations after they initiated a coup earlier this year.
Adani Group made statements late last month saying that it would be consulting stakeholders and authorities for next steps after activism groups reported their multi-million dollar agreement with the MEC. Adani Group did not reply to reporters request for comment on the matter.
Both the U.S. and Great Britain have imposed sanctions on the MEC following the alleged human rights violations, with U.S. Secretary of State Antony Blinken saying that the sanctions were intended to “promote accountability for the coup and abhorrent violence and other abuses”.
Both the S&P 500 and Dow Jones released statements today saying that Adani Group and its associated holdings would be removed from their indices before the Thursday market open. Shares of Adani Ports are down 1% in pre-market trades Tuesday, but have otherwise remained unaffected and has grown 40% since February 1.
© Fourth Estate
® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.