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Adani Wilmar share price: Adani Wilmar plunges 5% after slashing edible oil prices by Rs 10

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New Delhi: Shares of the FMCG company plunged more than 5% in early trading on Monday after cutting prices of its edible oils by Rs 10 as the government reduced import duties on the product.

According to a statement by Adani Wilmar, the maximum retail price (MRP) of the 1 liter pack of Fortune Refined Sunflower Oil has been reduced to Rs 210 from Rs 220.

The MRP of the Fortune Soyabean and Fortune Kachi Ghani (mustard oil) 1 liter packs has been reduced to Rs 195 from Rs 205.

Stocks with revised prices will soon be available in the market, according to a report. This decline in oil prices follows the central government’s decision to reduce import taxes on edible oils, making them more affordable, the report adds.

“We pass the benefits of cost reduction on to our customers, who can now expect the purest edible oils, manufactured to the highest safety and quality standards, which are also light on their pockets. We We are confident that lower prices will also boost demand,” Adani Wilmar MD and CEO, Angshu Mallick said.

As of 10:10 a.m., the certificate was trading at Rs 563, 4% below its previous close of Rs 582.4.

Due to reduced oilseed supplies and increased manufacturing and shipping expenses, edible oil prices have soared both internationally and domestically in 2021-22. Adani Wilmar offers rice, atta, sugar, besan, ready-to-cook khichdi, soybean chunks, and other items in addition to edible oils.

Adani Wilmar is a subsidiary of Adani Group, founded in 1999. It has a market capitalization of Rs 75,992.21 crore and operates in the FMCG sector. The promoters held an 87.94% share in the company as of March 31, 2022.

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