Adani Wilmar share plunges 6% on offer for sale

Shares of Adani Wilmar tumbled 6.42 per cent to ₹273.40 on the BSE at 10.50 AM on Monday.

The stock opened at ₹271.05, nearly 7 per cent lower than the previous close of ₹291.60 and further reached 52- week low of ₹267.45.

Adani Wilmar shares experienced a significant decline on Monday, January 11, as the company launched its Offer for Sale (OFS).

This sharp drop can be attributed to the substantial share offloading by promoters. In addition to the base offer size of 17.54 million shares (13.5 per cent of the total issued shares), one of the promoters is exercising an oversubscription option, making an additional 1.96 million shares available in the market.

This increased supply of shares is likely exerting downward pressure on the stock price. 

Retail investors have the opportunity to participate in the OFS today.