Adani Wilmar stock resumes correction, falls 4% in early trade

Shares of Adani Wilmar fell nearly 4% in early trade today amid weak sentiment in the broader market. Adani Wilmar stock slipped 3.82 percent to Rs 589 against the previous close of Rs 612.40 on BSE. It opened 3.66 per cent lower at Rs 590 on BSE. Market cap of the firm fell to Rs 77,324 crore. Total 2.53 lakh shares of the firm changed hands amounting to a turnover of Rs 15.16 crore on BSE.

The large-cap stock trades higher than 50-day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. Adani Wilmar stock has corrected after hitting upper circuit of 5 per cent in the previous session.

On Wednesday, the stock hit an upper circuit of 5 per cent, rising to Rs 612.40. Market cap of the firm climbed to Rs 79,592 crore.  It closed at the same level in the previous session.

Also read: Adani Wilmar stock in a free fall, slips 30% from record high

Meanwhile, BSE has placed the stock under Additional Surveillance Measures (ASM)  list. Those stocks which are under surveillance due to price variation, volatility, volume variation etc are included in the list.

Till May 10, Adani Wilmar stock had crashed 30.61 per cent in the last eight sessions. It had lost Rs 295 or 33.59 per cent from its all-time high hit on April 28, 2022.

However, at the current level, the stock is still up 167.87 per cent from its listing price of Rs 221.

ALSO READ: Adani Wilmar acquires Basmati rice brand Kohinoor

The company made a muted market debut on February 8. Shares of Adani Wilmar listed at Rs 221, a 3.91 per cent discount to their IPO issue price on BSE. The issue price of the IPO stood at Rs 230. The firm offered its shares in a price band of Rs 218-Rs 230.

On May 2, Adani Wilmar clocked a 26 per cent fall in net profit at Rs 234.3 crore for the quarter ended March 31, 2022 against a net profit of Rs 315 crore in the year-ago period.

Adani Wilmar Q4 results: Net profit falls 26% YoY to Rs 234 cr, revenue jumps 40%

However, the company reported a 40 per cent YoY rise in its consolidated revenue from operations to Rs 14,960.4 crore in Q4 against Rs 10,672 crore in the corresponding quarter of last fiscal.

Adani Wilmar Ltd is a joint venture between Adani Group and Wilmar Group of Singapore. It is engaged in the manufacturing of edible oil, wheat flour, rice, pulses and sugar. The company also owns the popular brand Fortune, which is the largest selling edible oil brand in India.

ALSO READ: Adani Wilmar beats HUL to become the largest FMCG company in India