India Stocks: India's equity benchmarks open lower; Adani stocks decline

Bukit Sembawang Estates

03/06/2025 05:03

Updates for markets open

June 3 (Reuters) - India's equity benchmarks opened lower on Tuesday, weighed by Adani group stocks after Wall Street Journal reported that the U.S. is probing alleged imports of Iranian LPG via the group's Mundra port.

The Nifty 50 .NSEI dipped 0.23% to 24,660.7, while the BSE Sensex .BSESN fell 0.28% to 81,143.46 as of 9:23 a.m. IST.

Both the benchmarks rose about 0.4% each in the early minutes of trade before reversing gains.

Most Adani group stocks fell on the day, with the Nifty 50 constituents Adani Enterprises ADEL.NS and Adani Ports APSE.NS losing 2.5% each.

Adani group has denied "any deliberate engagement" in sanctions evasion or trade involving Iranian-origin liquefied petroleum gas, and said, "We are not aware of any investigation by U.S. authorities on this subject."

Seven of 13 sectors opened higher, though gains were modest. Small-cap .NIFSMCP100 and mid-cap indexes .NIFMDCP100 outperformed, rising 0.5% and 0.2%, respectively, reflecting underlying domestic resilience despite headline pressure.

($1 = 85.4170 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Sumana Nandy)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))