Adani Wilmar Ltd. shares fell over 4% in trade on Wednesday on the back of reports that promoters are exploring selling its stake in its joint venture with Wilmar International Ltd.
In response to the exchanges seeking clarity, Adani Wilmar said in a filing: "We would like to clarify that we are unable to comment on media speculation and rumours and it would be inappropriate on our part to do so." The company said it has and will continue to make disclosures in accordance with SEBI rules.
Shares of Adani Wilmar fell as much as 4.50% and were trading 3.50% lower at 3:01 p.m. compared to a 0.30% decline in the Nifty 50.
The total traded quantity so far in the day stood at 8.2 times the 30-day average volume. The stock's relative strength index stands at 32.61, indicating that the stock is neither overbought nor oversold.
Of the five analysts tracking the stock, three maintain a 'buy' and two suggest a 'sell', according to Bloomberg data. The consensus price estimate indicates a 20.5% upside over the next 12 months.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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