AgenciesNew Delhi: Shares of FMCG firm plunged by over 5 per cent in Monday’s early trade after it slashed the prices of its edible oils by Rs 10 as the government reduced import duties on the commodity.
According to a statement from Adani Wilmar, the maximum retail price (MRP) of Fortune refined Sunflower oil's 1-litre pack has been decreased to Rs 210 from Rs 220.
The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) 1-litre packs has been reduced to Rs 195 from Rs 205.
Stocks with revised prices will be available on the market soon, according to a report. This drop in oil prices follows the central government's decision to lower import levies on edible oils, making them more affordable, the report added.
"We are passing on the benefit of the reduced cost to our customers, who can now expect purest edible oils made with the highest safety and quality standards, which are also light on their pockets. We are confident the lower prices will also boost demand," Adani Wilmar MD and CEO, Angshu Mallick said.
At 10:10 am, the scrip traded at Rs 563, 4 per cent below its previous close of Rs 582.4.
Due to reduced oilseed supply and greater manufacturing and shipping expenses, edible oil prices soared both internationally and domestically in 2021-22. Adani Wilmar offers rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks, and other items in addition to edible oils.
Adani Wilmar is a subsidiary of the Adani Group, founded in 1999. It has a market cap of Rs 75,992.21 crore and operates in the FMCG sector. Promoters held an 87.94 per cent share in the company as of March 31, 2022.
According to a statement from Adani Wilmar, the maximum retail price (MRP) of Fortune refined Sunflower oil's 1-litre pack has been decreased to Rs 210 from Rs 220.
The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) 1-litre packs has been reduced to Rs 195 from Rs 205.
Stocks with revised prices will be available on the market soon, according to a report. This drop in oil prices follows the central government's decision to lower import levies on edible oils, making them more affordable, the report added.
"We are passing on the benefit of the reduced cost to our customers, who can now expect purest edible oils made with the highest safety and quality standards, which are also light on their pockets. We are confident the lower prices will also boost demand," Adani Wilmar MD and CEO, Angshu Mallick said.
At 10:10 am, the scrip traded at Rs 563, 4 per cent below its previous close of Rs 582.4.
Due to reduced oilseed supply and greater manufacturing and shipping expenses, edible oil prices soared both internationally and domestically in 2021-22. Adani Wilmar offers rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks, and other items in addition to edible oils.
Adani Wilmar is a subsidiary of the Adani Group, founded in 1999. It has a market cap of Rs 75,992.21 crore and operates in the FMCG sector. Promoters held an 87.94 per cent share in the company as of March 31, 2022.
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