In the midst of a collapse in the shares of the Adani Group, Adani Wilmar shares fell for the seventh session in a row today. On the BSE, shares of Adani Wilmar began 5% down at Rs 421.45. The stock was constrained to the lower 5% circuit.
Lower Circuit for Adani Wilmar Shares- 30 percent Decline in Seven Sessions.pdf
1. February 3, 2023
In the midst of a collapse in the shares of the Adani Group, Adani Wilmar shares fell for the seventh
session in a row today. On the BSE, shares of Adani Wilmar began 5% down at Rs 421.45. The stock
was constrained to the lower 5% circuit.
In the past seven trading days, the stock has decreased 30.14%. Adani Wilmar’s BSE market
capitalization fell to Rs 52,039 crore.
The price of Adani Wilmar stock is below the moving averages of 5, 20, 50, 100, and 200 days. With
today’s decline, the stock has lost 33.28 percent in a month and 35.17 percent in 2023.
A total of 0.13 lakh shares of the company were traded, resulting in a turnover on the BSE of Rs 53.43
lakh.
Expert Saying
According to Abhijeet of Tips2trade, Adani Group stocks, including Adani Wilmar, have fallen
precipitously as a result of the withdrawal of the Adani Enterprises FPO, as was to be expected. On the
daily charts, Rs 544 presents a very formidable resistance.
A definitive daily close below the support level of Rs. 540 has now made a fall to Rs. 363 possible.
Investors should only purchase at this point if the Daily close above the Rs 489 barrier.
The private banking division of the Swiss financial institution Credit Suisse assigned a zero-lending
value on February 1 to the notes offered by Adani Ports and Special Economic Zone, Adani Green
Energy, and Adani Electricity Mumbai Ltd.
According to a Bloomberg report, it had previously proposed a lending value of roughly 75% for the
Adani Ports notes.
The private bank of Credit Suisse ceased accepting bonds from the Gautam Adani group of firms as
collateral for margin loans to its private banking clients, according to the report.
The Adani Enterprises stock then experienced an intraday decline of 35% on February 1. Various other
group stocks did likewise.
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2. Future Results
On February 8, 2023, Adani Wilmar will report its third quarter financial results.
Adani Enterprises will be removed from popular sustainability indices as of February 7 according to
S&P Dow Jones Indices, which is a bad development for the Adani Group.
In the early hours of today’s (February 03, 2023) trading, shares of Adani Enterprises reached its 15%
lower circuit limit at Rs 1,330. Following NSE’s decision to add Adani Ports & SEZ, Ambuja Cements,
and Adani Enterprises to the framework for enhanced monitoring measures, other group stocks also
fell.
Last Month Downfall
A research by Hindenburg Research published in late January claimed that the Adani Group had
engaged in accounting crimes, stock manipulations, and money laundering.
The group criticised the Hindenburg study as being unresearched and ill-intentioned, claiming that it
had a negative impact on the Adani Group, its shareholders, and investors.
However, in a tweet, billionaire investor William Ackman stated that he thought the Adani Group report
by short-seller Hindenburg Research was “highly credible and extremely well researched.”
The timing of the Hindenburg report’s release, according to Adani Group, clearly reveals a brazen,
malicious intention to damage the group’s reputation with the primary goal of undermining Adani
Enterprises’ follow-on public offering, which is the largest FPO in Indian history.
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