Fri Nov 22 04:30:00 UTC 2024: ## Adani Wilmar Stock Plummets to All-Time Low After US Indictment
**MUMBAI, INDIA** – Shares of Adani Wilmar Ltd. crashed 10% on Thursday, hitting an all-time low of Rs 294.40. This marks a nearly 20% decline for the stock in 2024, prompting warnings from market analysts who predict further drops.
The sharp fall follows a US indictment alleging that Adani Group chairman Gautam Adani and seven others, including his nephew, paid bribes to Indian officials to secure lucrative contracts. The alleged scheme involved securing a $2 billion profit over 20 years for the development of India’s largest solar power plant.
The news adds to the turmoil surrounding the Adani Group, which faced accusations of improper use of offshore tax havens from Hindenburg Research in January 2023. These allegations, which the group denies, have created significant volatility in Adani-related stocks.
Market experts are advising caution, describing Adani Group stocks as high-beta and suitable only for high-risk investors. Several analysts forecast further declines for Adani Wilmar, with support levels cited between Rs 270 and Rs 290. However, some see potential for a rebound if the stock closes above Rs 307.
BSE and NSE have requested clarification from Adani Wilmar regarding the US SEC allegations. Adani Wilmar is an equal joint venture between the Adani Group and Wilmar International, with promoters holding an 87.87% stake as of September 2024. The company’s current financial metrics include a P/E ratio of 40.38, P/B value of 4.77, EPS of 8.10, and RoE of 11.80.
First Piper 