Adani Shares Tank Over 6%

New Delhi: Shares of Adani Wilmar tumbled over 6 per cent on Tuesday after billionaire Gautam Adani’s group announced its exit from the FMCG joint venture by selling its entire stake to the Singaporean partner in the open market for over USD 2 billion. The stock ended 6.45 per cent lower at Rs 308.25 apiece on the BSE.

During the day, it tanked 7.95 per cent to Rs 303.30. On the NSE, shares of the firm ended at Rs 308.05, a decline of 6.29 per cent. Intra-day, it tumbled 7.80 per cent to Rs 303.10. In a statement on Monday, Adani Enterprises Ltd, which held 43.94 per cent stake in Fortune brand cooking oil, wheat flour and other food product maker Adani Wilmar Ltd, said it will sell 31.06 per cent stake to Wilmar International. The remaining nearly 13 per cent holding will be sold in the open market to meet minimum public shareholding require-ments.