Multibagger Stock: Adani Wilmar’s share price has been on the lower circuit for the third consecutive session. Adani Wilmar’s shares opened with a fall today 34 per share and K reached its intraday high 660. But, it failed to sustain this growth and again came down to its opening price and hit the 5 per cent lower circuit. The multibagger stock has been slipping since the last six sessions with a fall of nearly 23 per cent in this period.
According to stock market experts, Adani Wilmar Shares Placed under surveillance (ASM) and hence the speculative buying in the counter has stopped abruptly leading to a sharp fall in the counter. He added that Adani Wilmar’s share price could fall unless it is under surveillance as the stock is trading at a price much higher than its actual valuation.
Speaking on the immediate reason for the fall in the share price of Adani Wilmar, Avinash Gorakshakar, Head of Research at Profitmart Securities said, “The shares of Adani Wilmar are placed under ASM. Hence, the stock and stock in multibagger stocks involve speculative buying. However, it has been maintained that the stock is trading at a price much higher than its actual valuation and a single negative trigger would be sufficient for a sharp decline in this Adani stock. Perhaps, this could be a negative trigger. Because the stock is rallying only through participation of retail investors. Not a single HNI or mutual fund has invested in this stock since it was listed on the Indian stock exchanges.”
Anticipating further sell-off in Adani Wilmar shares, Sumeet Bagdia, Executive Director, Choice Broking said, “Adani Wilmar share price may go down 600 each level. at the break of 600, 550 level is quite possible. Currently, it is doing business in from 600 690 range where the upper limit of the range seems to be a strong hurdle for Adani Stock.”
Adani Wilmar’s share price has been rising since the beginning of the new year 2022, giving around 140 per cent return to its shareholders in 2022. It was a hit recently. 1 lakh crore market cap, which has now almost fallen 84 thousand crores after the recent sell-off.
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