Adani Wilmar shares continued to trade lower for the third straight session on Wednesday. Shares of the Adani Group company have been under pressure since it posted the June quarter results. Today, the news of Adani Enterprises mulling selling its stake in the company further dampened the sentiments around the stock.
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The Investment: With the current stock price at ₹377.50, an investment of ₹10,000 would get you approximately 26 shares. If Adani Wilmar’s stock were to climb back to its all-time high of ₹878, recorded in April 2022, your investment would soar to approximately ₹22,828.
Background: Gautam Adani‘s Adani Enterprises is reportedly contemplating the sale of its 44% stake in Adani Wilmar. However, it’s suggested that the Adani family might retain a minor stake post-sale.
This news comes after Adani Wilmar experienced a 36% dip in its share price this year.
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valuing the company at roughly $6.2 billion (₹51,344 crore). Adani Wilmar reported a net loss of ₹79 crore for the first quarter of FY24, a significant drop from the net profit of ₹194 crore in the same quarter the previous year.
Risks: Investing in stocks always carries inherent risks. Adani Wilmar’s recent financial performance, coupled with the volatile edible oil market and potential stake sale by Adani Enterprises, are factors that investors should consider before investing. Earlier in the year, all Adani Group stocks faced extreme pressure at the bourses after the Hindenburg report came out.
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Price Action: Adani Wilmar’s share price was down 3.83% to trade at ₹377.90 in the late hours of trading on Wednesday.
