Shares of Adani Group companies fell on Thursday, with 11 of 12 group stocks trading lower, weighed down by Israel’s air strikes on Iran, the fatal Air India crash near a group-operated airport, several stocks turning ex-dividend and subdued investor sentiment.

Israeli Prime Minister Benjamin Netanyahu said the airstrikes were aimed at key parts of Iran's nuclear and military program. The airstrikes killed several top Iranian military officials, including Iran’s armed forces chief Mohammad Bagheri and IRGC commander Hossein Salami.

Iran soon retaliated by launching over 100 drones toward Israel, where Adani Ports owns a majority stake in Haifa Port. The company acquired the port for a total consideration of $1.18 billion in 2023. The port is one of Israel’s major seaports.

Adani Ports and SEZ (APEZ) shares dropped nearly 3 percent to trade at Rs 1,406 apiece, as the escalating war between Israel and Iran raised concerns over disruption at the port in Israel.

In addition, a London-bound Air India flight with 242 passengers onboard crashed right after takeoff from the Sardar Vallabhbhai Patel International Airport in Ahmedabad, with only one person surviving the crash.

After the tragedy took place, the Adani Group-run airport was shut temporarily for flight operations. It is currently fully operational, according to the airport’s official website.

Adani Enterprises took over the operations at the airport in 2020. The shares of the company dropped nearly 2 percent to trade at Rs 2,499 apiece in the afternoon.