Adani Wilmar down 4% on talk of Adani Group exit

Deliberations are at an early stage and Adani Enterprises may decide to keep its stake, Bloomberg has said

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Shares of Adani Wilmar were trading deep in the red on August 9 noon following reports that Adani Enterprises was exploring selling its stake in the Mumbai-listed consumer-staple joint venture with Wilmar International.

The conglomerate has been considering a potential sale of its 44 percent stake in Adani Wilmar Ltd for a few months, Bloomberg reported, citing people who didn’t wish to be identified as the information is confidential. Adani’s stake is worth about $2.7 billion at the current market price.

At 12.19 pm, Adani Wilmar was trading 4 percent lower from the previous close at Rs 378 on BSE. Adani Enterprises was up almost a percent at Rs 2,496.

Deliberations are at an early stage and Adani Enterprises may decide to keep its stake, Bloomberg said. An Adani spokesman said the group won’t comment on market speculation. A representative for Wilmar declined to comment.

Shares of Adani Wilmar have fallen about 36 percent this year, valuing the company at around $6.2 billion. Adani group companies had lost more than $150 billion in market value at one point after US-based short seller Hindenburg Research levelled fraud allegations against the business empire. The Adani Group denied any wrongdoing.

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The company reported a net loss of Rs 79 crore in the quarter ending June 30. Management attributed the loss to falling edible oil prices and high-cost inventory.

Adani Wilmar offers many essential kitchen commodities for Indian consumers including edible oils, wheat flour, rice, pulses and sugar, according to its website. Incorporated in 1999, the company’s products reach over 114 million households through more than 10,000 distributors, according to its annual report. It competes in India with the likes of ITC Ltd. and Hindustan Unilever Ltd.

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