Accordingly, Elbit Systems (ESL) will acquire 44% stake in Atharva Advanced Systems and Technologies (AASTL), which is a wholly owned subsidiary of Adani Defence. As per the Agreements, AASTL will issue 7,857 equity shares at a price of Rs10 each to ESL.

The Adani Group's flagship company stated that the said agreements are entered with the object of developing and manufacturing of various autonomous technology and systems for defence applications.

Adani Enterprises (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.

The company reported 50.57% decline in consolidated net profit to Rs 227.82 crore in Q2 FY24 as compared with Rs 460.94 crore in Q2 FY23. Revenue from operations dropped 41.02% to Rs 22,517 crore in Q2 FY24 from Rs 38,175.23 crore posted in Q2 FY23.

The scrip fell 1.19% to currently trade at Rs 2168.95 on the BSE.

On a year-to-date (YTD) basis, the stock of Adani Enterprises has fallen 43.53% while the benchmark Sensex has gained 7.84% during the same period.