The shares of Adani Wilmar contracted by over 5%, meanwhile, shares of Adani Enterprises rose by about a percent in early trade on BSE on Wednesday amid reports that Gautam Adani-led Adani Enterprises is exploring selling its stake in Wilmar International Ltd.
According to a Bloomberg report, Adani Enterprises has been considering a potential sale of its 44% stake in Adani Wilmar for a few months. However, Gautam Adani and his family may retain a minority stake in personal capacity following a sale, sources were quoted as saying by Bloomberg.
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Last week, Adani Wilmar reported a loss in the first quarter, hurt by a steep decline in edible oil prices. Adani Wilmar reported a 12% yearly decline in consolidated revenue during April-June 2023 quarter at ₹12,928 crore.
On the other hand, Adani Group's flagship company Adani Enterprises announced its Q1 net profit grew 44% year-on-year to ₹674 crore for the quarter ending June 2023.
The food and FMCG segment recorded a strong revenue growth of 28% year-to-year to record close to ₹1,100 crores of the total.
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Shares of Adani Wilmar have gone down by at least 43% in the last one year, meanwhile, shares of Adani Enterprises have lost about 12% in the past year. Adani Wilmar shares traded 3.17% lower at ₹380.60 while those of Adani Enterprises were up 0.55% at ₹2,488.70.
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Adani Group-linked stocks have lost nearly over $147 billion in market value earlier this year after US short-seller Hindenburg Research accused the conglomerate of corporate governance.