AWL Agri shares see steepest drop in 2 months after block trades

Shares of AWL Agri Business Ltd. (formerly Adani Wilmar Ltd) tumbled over 4 per cent on Tuesday after about 32.2 million shares traded in multiple blocks in opening deals. The edible oil major's stock fell as much as 4.15 per cent during the day to ₹265.3 per share, the biggest intraday fall since September 23 this year. The stock pared losses to trade 4 per cent lower at ₹266 apiece, compared to a 0.06 per cent advance in Nifty 50 as of 9:40 AM. Shares of the company fell to their lowest since October 28 this year and currently trade at 9.1 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 13.8 per cent this year, compared to a 9.8 per cent advance in the benchmark Nifty 50. AWL Agri has a total market capitalisation of ₹34,551.96 crore. CATCH STOCK MARKET LIVE UPDATES TODAYLarge trades in AWL Agri shares The company had about 32.2 million shares, or 2.5 per cent equity change hands in two block trades, according to Bloomberg data. The buyers and sellers were not known immediately. The shares were traded at an average price per share of ₹274.15, taking the total traded value to ₹882.7 crore. Last week, Adani Group sold its remaining 7 per cent stake in AWL Agri in a block deal that attracted strong institutional demand. Previously, the Adani Group had sold a 13 per cent stake in AWL to bring its exposure down to 7 per cent. Adani Enterprises has fully exited its 44 per cent stake in AWL’s agri business, completing a major reshaping of the company’s shareholding. With the exit, Singapore-based Wilmar International becomes the sole promoter with an estimated 57 per cent stake, giving AWL a distinctly multinational ownership profile.AWL Agri Q2 reportThe edible oil major reported a 21 per cent decline in consolidated net profit to ₹244.85 crore in the September quarter. Total income rose to ₹17,525.61 crore during the July-September period of this fiscal year from ₹14,552.04 crore in the corresponding period of the preceding year. During the quarter, the company recorded volume growth of 2 per cent year-on-year (Y-o-Y) to 1.68 million tonnes across three businesses -- edible oils, industry essentials. and food -- FMCG. The revenue of edible oils grew 26 per cent to ₹13,828 crore.