Thu Nov 21 04:50:00 UTC 2024: **Adani Wilmar Stock Plunges 10%, Weighing on BSE FMCG Index**
**MUMBAI, INDIA – October 26, 2024** – Adani Wilmar’s share price experienced a sharp decline today, plummeting 10% to Rs 294.4. This significant drop contributed to a 0.9% decrease in the BSE FMCG index, which closed at 20,425.9. Other notable losers in the FMCG sector included Ruchi Soya Industries (down 4.6%) and Emami (down 2.9%), while Tata Consumer Products bucked the trend, showing a slight gain of 0.2%.
Despite the recent downturn, Adani Wilmar reported a substantial year-on-year increase in net profit for the quarter ending September 2024, reaching Rs 2,819 million—a 316.5% rise compared to a loss of Rs 1,302 million in the same period last year. However, the company’s full-year results (FY24) showed a significant decrease in net profit (69.2%) and revenue (11.9%).
The broader market also experienced a downturn. The BSE Sensex fell 0.7% to 77,056.3, with Mundra Port & SEZ and SBI among the top losers. The NSE Nifty mirrored this trend, closing at 23,333.8 (down 0.8%), with Adani Enterprises and Mundra Port & SEZ also showing significant losses.
Over the past year, the BSE FMCG index has shown overall growth (7.5%), with some stocks like Godfrey Phillips (up 183.8%), BOM.BURMAH (up 69.6%), and E.I.D. Parry (up 65.7%) performing exceptionally well. The BSE Sensex also experienced significant growth over the same period (17.4%). However, Adani Wilmar’s share price has decreased by 5% over the past year.
The current Price-to-Earnings ratio for Adani Wilmar stands at 40.1. Analysts are closely monitoring the situation to determine the long-term implications of today’s market activity.
First Piper 