New Delhi: Shares of Adani Wilmar dropped as much as 8 per cent in early trade on Monday following profit booking in the counter amid broader market weakness and ahead of Q3 results.
Following the decline in shares, the company’s market capitalisation (m-cap) slipped below the Rs 50,000 crore mark.
Shares of Adani Wilmar after listing on a muted note in the previous week, delivered a return of 90 per cent as scrip surged to Rs 491.90 from its listing price of Rs 221.
However, volatile market sentiments have led to a sharp profit booking in the counter. The stock dropped 8 per cent to Rs 352.40, before trading at Rs 362.80 at 9.35 am on Monday. The scrip settled at Rs 381 on Friday.
BSE barometer and benchmark Sensex was trading 1,301.21 points or 2.24 points lower at 56,851.71 at the time of writing this report.
The market cap of Adani Wilmar was near the Rs 55,000 crore mark during its peak, which briefly touched Rs 45,000 crore on Monday. The scrip is down about 18 per cent from its peak.
The latest debutant is also scheduled to announce its earnings for the period ended on December 31, 2021, later in the day.
Adani Wilmar is a 50:50 joint venture between Gautam Adani’s Adani Group and Singapore-based Wilmar group. It sells cooking oils and some other products under the Fortune brand.
Its Rs 3,600 crore IPO was sold between January 27 and 31 at a price band of Rs 218-230 apiece, which was overall subscribed more than 17 times.
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