The S&P (Standard & Poor’s) and Dow Jones Sustainability Index have said that they have removed the Indian company Adani Ports and Special Economic Zone from their sustainability list.
A statement issued on Tuesday In the S&P Dow Jones stated that the company’s business links to Myanmar’s military regime, which has recently been accused of human rights abuses.
On a date in February this year, the Myanmar army overthrew the democratically elected government and took the leaders into custody.
Adani Ports, India’s largest private multi-port operator, is constructing a port in Yangon city of Myanmar at a cost of $ 29 million. For this, the land has been taken on lease by the Myanmar Economic Corporation, supported by the Myanmar Army.
The statement said that before the index opens on Thursday, April 15, the company’s name will be removed from the index.
The statement said, “In recent news, it was pointed out that the business relationship with the Myanmar army could increase the risk for the company.” The Myanmar military has been charged with serious allegations of human rights abuses under international laws.
After an analysis on this issue, it has been decided to exclude Adani Ports and Special Economic Zone from the Dow Jones Stability Index.”
Like the Nifty index, S&P is a well-known stock market index that measures the performance of the 500 major companies listed on the stock exchange in the US. The Dow Jones stock market measures the performance of the 30 largest US companies.
It is believed that in the coming days it can have an impact on the company’s shares.
There are frequent protests in Myanmar against military rule. So far, more than 700 people are reported to have been killed in these protests.
Earlier in March, S&P Global agreed that it would reconsider the position of Adani Ports in the Dow Jones Sustainability Index, following complaints received from 37 Myanmar military and 37 agitational organizations over environmental concerns.