Adani Group's sudden heavy decision

D N INDUJAA
Adani Group got the heavy decision, suddenly investors started selling shares Let us tell you that after the order of the government, adani Wilmar, a company of the adani Group, has announced to reduce the price of Fortune's oils. The company has cut the prices of edible oil by up to Rs 30 in one stroke.
Shares of adani Wilmar, the edible oil company of adani Group, saw a fall of more than 3% in Tuesday's trade. adani Wilmar's stock had fallen 3.42 percent to Rs 602 today as against Monday's close of Rs 623.30. adani Wilmar traded higher than the 20-day, 100-day, and 200-day moving averages but lower than the 5-day and 50-day moving averages. However, some improvement was noticed later. In fact, adani Wilmar announced to make cooking oil cheaper by Rs 30, after which the company's shares fell.Let us tell you that after the order of the government, adani Wilmar, a company of the adani Group, has announced to reduce in the price of Fortune's oils. The company has cut the prices of edible oil by up to Rs 30 in one stroke. This was announced on Monday. The biggest cut has been made in the prices of soybean oil. Earlier, Mother Dairy, which sells edible oil under the Dhara brand, had cut prices of soybean and rice bran oil by Rs 14 per liter.
Let us tell you that recently the Modi government of the Center had ordered the Edil oil Association to reduce the price of oil as soon as possible. In this order, the government had asked the oil companies to reduce the price by Rs 15 per liter with immediate effect.
The stock hit a record high of Rs 878.35 on 28 april 2022. The listing of the company in the stock market took place on february 8, 2022. adani Wilmar's stock was listed with a discount of Rs 221 in the market against the IPO price band of Rs 230. Since then, the stock has given a return of over 129%. The firm reported a profit of Rs 234.3 crore for the quarter ended march 31, 2022, as against a net profit of Rs 315 crore in the year-ago period.
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