While other Adani Group companies saw advances on January 16, Adani Wilmar’s shares remained unchanged. This comes after Adani Commodities LLP sold a 13.51 percent interest through an offer-for-sale process, which could have reflected investor opinion toward the business.
Adani Group offloads 13.51% Stake in Adani Wilmar:
On Thursday, January 16, Adani Wilmar’s shares stayed unchanged despite advances in other Adani Group equities. Following the announcement by Adani Commodities LLP, a promoter entity of the firm, of the sale of a 13.51 percent share in Adani Wilmar, there was a subdued reaction to the stock of the Company.
According to a regulatory filing in which Adani Commodities LLP described the specifics of the stake sale, As one of the promoters of Adani Wilmar Limited (the “Company”), we, Adani Commodities LLP (the “Seller”/”Promoter”), have sold 17,56,01,314 equity shares of face value of ₹1 each, representing 13.51 percent of the total handed down and paid-up equity share capital of the Company. Using an offer for sale (OFS) method, the transaction occurred on January 10, 2025, and January 13, 2025.
By the Comprehensive Framework on Offer for Sale (OFS) of Shares via the Stock Exchange Mechanism published by SEBI, the stake sale was conducted through the designated OFS windows of BSE Limited and the Stock Exchange of India Limited.
Even if the stake sale complies with regulations, Adani Wilmar’s price stayed low, which may reflect investor pessimism towards the firm, even though other Adani Group companies saw more optimism.
Stock Price Trend:
The stock slid almost 1 percent to its day’s low of ₹272 after opening half a percent higher at ₹275, which was also its day’s high. It is now more than 33 percent behind its 52-week high of ₹408.70, reached in February 2024. It has only increased by 5% since hitting its 52-week low of ₹257.95 earlier this week on January 14.
The stock has dropped more than 24 percent in the past year, and it has already lost 11 percent in January, continuing its five-month winning streak since September 2024.
Other Group Companies:
Shares of other Adani Group companies surged more than 5% in intra-day trading on Thursday, January 16, following the announcement that Hindenburg Research, the short-seller that caused the historic $100 billion sell-off in Adani Group stocks, had closed.
Nathan Anderson, the founder of the US-based Hindenburg Research, confirmed the decision in a statement. “I have decided to disband Hindenburg Research, as I’ve shared with family, friends, and our team since late last year,” Anderson wrote.
When Hindenburg Research published a damning study in 2023 accusing the Adani Group of misusing offshore tax havens, it made headlines. The news caused the market value of Adani Group equities to plummet by billions of dollars. The Adani Group insisted that the report was nasty and without merit and refuted the accusations.
The dispute was heightened in November 2024 when US authorities in New York charged Gautam Adani, the chairman of the Adani Group, for allegedly participating in a multimillion-dollar fraud and bribery conspiracy.
