Adani Wilmar plummets ~5% after cutting down edible oil prices by Rs10

20 Jun 2022 , 01:29 PM

Adani Wilmar Limited’s counter was trading 4.98% lower at Rs555.60 against its previous close of Rs584.70 on the National Stock Exchange.

This is followed by the company’s announcement of slashing of prices of its edible oils by Rs10 as the government reduced import duties on the commodity.

The maximum retail price (MRP) of Fortune refined Sunflower oil’s 1-litre box has been reduced to Rs210 from Rs220, according to a statement from Adani Wilmar.

The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) 1-litre packs has been reduced from Rs205 to Rs195.

According to a source, stocks with updated pricing would be accessible on the market soon. According to the article, the decline in oil prices is due to the federal government’s decision to cut import duties on edible oils, making them cheaper.

So far in the day, it hit intraday high and low of Rs587.70 and Rs555.50 respectively.