Adani Wilmar shares fell over 3% in early trade. Here’s why
At around 10:00 am, shares of Adani Wilmar were down 3.07 per cent to Rs 380.90 apiece.
In Short
- Adani Wilmar shares drop 3% in early trade
- Shares down after reports about stake sale
- Deliberartions still at an early stage
Shares of Adani Wilmar fell over 3 per cent on the stock exchanges on Wednesday, following a report that suggested that Adani Enterprises is exploring a stake sale in its consumer-staple joint venture with Wilmar International.
The development was reported by Bloomberg News, citing people familiar with the matter.
At around 10:00 am, shares of Adani Wilmar were down 3.07 per cent to Rs 380.90 apiece.
It has come to light that the conglomerate wants to sell 44 per cent of its stake in Adani Wilmar and had been exploring such a possibility over the past few months. It may be noted that the FMCG company is currently valued at $6.17 billion.
The report went on to add that following the potential stake sale, billionaire Gautam Adani and his family may retain a minority stake in a personal capacity, while Wilmar may retain its stake in the business.
However, deliberations are still at an early stage and Adani Enterprises may decide to keep its stake.
Adani Wilmar shares have not been performing well on the stock market, and the fact that it reported a loss in the first quarter has not helped the company’s prospects.
In the past six months, the stock is down over 13 per cent and nearly 37 per cent from the beginning of this year.
