Adani Wilmar shares were trading in the red for the sixth consecutive session today amid a rout in the Adani Group stocks. Adani Wilmar shares were stuck in the lower circuit of 5 per cent to Rs 421.45 on BSE. The stock has lost 26.47% in the last six sessions. Market cap of Adani Wilmar plunged to Rs 54,774 crore on BSE. The stock opened 5% lower on BSE. Adani Wilmar stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. With today’s fall, the stock is down 31.76 percent in 2023 and lost 30.23 per cent in a year.
A total of 0.33 lakh shares of the firm changed hands, amounting to a turnover of Rs 1.39 crore on BSE.
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Abhijeet from Tips2trade said, “The withdrawal of the Adani Enterprises FPO has expectedly resulted in a sharp fall in Adani group stocks including Adani Wilmar. Rs 544 is a very strong resistance on the Daily charts. A decisive daily close below Rs 540 support has now opened up to the possibility of a fall till Rs 363. Investors should now buy only if Daily close is above resistance of Rs 489.”
Meanwhile, Adani Enterprises stock turned weak in the previous session after Swiss lender Credit Suisse’s private banking arm assigned a zero- lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd. It had previously offered a lending value of about 75% for the Adani Ports notes, the Bloomberg report added.
The report also said that Credit Suisse’s private bank has stopped accepting bonds of Gautam Adani’s group of companies as collateral for margin loans to its private banking clients.
Subsequently, Adani Enterprises stock crashed 35 percent intraday. Other group stocks followed suit.
After market hours, the flagship firm of Adani Group called off its Rs 20,000-crore follow-on public offer (FPO) after market hours on February 1 and said money would be returned to investors.
In late January, a report by Hindenburg Research alleged accounting frauds, stock manipulations and money laundering by the Adani Group.
The Group called Hindenburg report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors. But Billionaire investor William Ackman in a tweet said he found short-seller Hindenburg Research’s report on Adani Group “highly credible and extremely well researched.”
Adani Group had said that the timing of the Hindenburg report’s publication clearly betrays a brazen, mala fide intention to undermine the group’s reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India.
Also read: Adani Enterprises shares hit 10% lower circuit on FPO withdrawal; Adani Total, Adani Green, Adani Power bleed. Here’s why
Also read: Adani Group stocks continue to crash: Hindenburg, Credit Suisse & other reasons