Adani Group offloads 13.51% stake in Adani Wilmar. Details here

Shares of Adani Wilmar remained flat on Thursday, January 16, even as other Adani Group stocks witnessed gains. The muted response in Adani Wilmar's stock came after Adani Commodities LLP, a promoter entity of the company, announced the sale of a 13.51 percent stake in Adani Wilmar.

In a regulatory filing, Adani Commodities LLP disclosed the details of the stake sale, stating, "We, Adani Commodities LLP (‘Seller’/‘Promoter’), one of the promoters of Adani Wilmar Limited (‘Company’), have sold 17,56,01,314 equity shares of face value of ₹1 each, representing 13.51 percent of the total issued and paid-up equity share capital of the Company. The sale was conducted on January 10, 2025, and January 13, 2025, via an offer for sale (OFS) mechanism."

The stake sale was carried out through the designated OFS windows of BSE Limited and the National Stock Exchange of India Limited, adhering to the "Comprehensive Framework on Offer for Sale (OFS) of Shares through the Stock Exchange Mechanism" issued by SEBI. 

While the stake sale aligns with regulatory compliance, Adani Wilmar's stock remained subdued, potentially reflecting investor sentiment specific to the company despite broader optimism around other Adani Group entities.

Stock Price Trend

The stock opened half a percent higher at ₹275, also its day's high but later fell around 1 percent to its day's low of ₹272. It is now over 33 percent away from its 52-week of ₹408.70, hit in February 2024. Meanwhile, it has advanced just 5 percent from its 52-week low of ₹257.95, hit earlier this week, on January 14.

The stock has lost over 24 percent in the last 1 year and shed 11 percent in January so far, extending gains for the fifth straight month since September 2024.

Other Group companies

Shares of other Adani Group companies surged over 5 percent in intra-day trading on Thursday, January 16, following the announcement that Hindenburg Research, the short-seller behind the massive $100 billion sell-off in Adani Group stocks, had ceased its operations.

Nathan Anderson, the founder of the US-based Hindenburg Research, confirmed the development in a note, stating, "As I’ve shared with family, friends, and our team since late last year, I have made the decision to disband Hindenburg Research."

Hindenburg Research made headlines in 2023 when it released a scathing report accusing the Adani Group of improperly using offshore tax havens. The report triggered a significant sell-off in Adani Group stocks, wiping out billions in market capitalization. The Adani Group denied the allegations and maintained that the report was baseless and malicious.

Adding to the controversy, in November 2024, US prosecutors indicted Adani Group Chairman Gautam Adani in New York over his alleged involvement in a multibillion-dollar bribery and fraud scheme.