Adani Wilmar stock continues losing spree, hits 5% lower circuit in early trade

Shares of Adani Wilmar fell for the sixth straight session today, amid a market crash triggered by strong correction on the US bourses overnight. Adani Wilmar stock opened 5 per cent lower at Rs 646.20 today on BSE. Later, the stock was stuck in the lower circuit of 5 per cent at the same level.  However, it is still up 192.39 per cent from its listing price of Rs 221.

Market cap of the firm fell to Rs 83,985 crore. Total 3.28 lakh shares of the firm changed hands amounting to a turnover of Rs 21.18 crore in the morning session.

In a month, the stock has gained 6.07 per cent. 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.

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

The large cap stock, which hit a high of Rs 878.35 on April 28, has fallen to Rs 646.20 today, declining 26.43 per cent during the period. The stock had climbed 297.44 per cent to Rs 878.35 on April 28 over its listing price of Rs 221 on February 8 this year.

In March quarter of the previous fiscal, the firm reported a profit of Rs 234.3 crore against a net profit of Rs 315 crore in the year-ago period. However, the company clocked 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 same quarter last fiscal.

EBITDA or earnings before interest, taxes, depreciation, and amortisation came at Rs 488 crore, up 29 per cent YoY. The food & FMCG portfolio stood at 0.64 MMT in 2022 compared to 0.47 MMT in 2021, registering a growth of 34 per cent.

Shares of Adani Wilmar made their market debut 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 218-230.

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Adani Wilmar 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.

Meanwhile, Sensex and Nifty opened deep in the red on Friday, weighed down by a crash in the US markets overnight. While Sensex lost 1029 points to 54,672 and Nifty fell 326 points to 16,356 in early trade. Investor wealth declined by Rs 5.12 lakh crore to Rs 254.52 lakh crore today against Rs 259.64 lakh crore in the previous session.