Adani Wilmar's shares fell by more than 5 per cent in early trade, due to positive market sentiment in the broader indices. Adani Wilmar stock opened 2.95 per cent lower at Rs 554.40 against the previous close of Rs 571.25.
The firm's market cap fell to 70,533 crore. The share touched a lower circuit of 5 per cent at Rs 542.70 on the BSE. A total of 0.85 lakh shares of the firm changed hands on the BSE, a turnover of Rs 4.68 lakh. The stock was down 14.73 per cent in a month and 11.6 per cent in a week.
Adani Wilmar stock is trading higher than 50 day, 100 day and 200 day moving averages, but lower than 5 day and 20 day moving averages. The stock was 1.81 per cent lower in the previous session.
The stock was placed on the Additional Surveillance Measures ASM list by the BSE. The stocks that are under surveillance due to price variation, volatility and volume variation are included in the list. Adani Wilmar stock has lost 38.21 per cent or 335.6 from its record high of Rs 878.30 hit on April 28, 2022 compared to its listing price of Rs 221 on February 8.
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The stock had rallied 297.44 per cent compared to its listing price of Rs 221 on February 8. The company made a muted market debut on February 8. Adani Wilmar's shares were listed at Rs 221, a 3.91 per cent discount to their IPO issue price on the BSE. The issue price of the IPO was Rs 230. The firm offered its shares in a price band of Rs 218 -- Rs 230.
On May 2, Adani Wilmar reported a 26 per cent decline 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. Revenues from operations climbed by 40 per cent YoY to Rs 14,960. In Q 4 there was 4 crore 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 involved in the production 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.
Sensex and Nifty were trading higher today. Sensex rose 355 points to 53,149 and Nifty gained 105 points to 18,887 in early morning deals.