After the alleged news that Adani Enterprise was looking to sell its stake in the Mumbai-listed consumer staple joint venture with Wilmar International, the shares of Adani Wilmar plunged by 4%.

The company has been in talks for a few months looking to sell its 44% stake in Adani Wilmar Ltd, which is worth about $2.7 billion according to the current market price.

The talks to sell the stake are in the early stage, and Adani Enterprise may decide to keep its stake.

Adani Wilmar was incorporated in 1999 and has a product list that offers many essential kitchen commodities such as wheat flour, edible oils, pulses, rice, and sugar. According to the company’s annual report, the products reach over 114 million households through more than 10,000 distributors and compete with the giants such as ITC Ltd and Hindustan Unilever Ltd.

The company reported a net loss for the April-June quarter at Rs 79 crore due to the loss of falling edible oil prices and high-cost inventory.

The shares of Adani Enterprises are trading green at Rs 2,506.90 or 1.31% above its previous close on NSE.

At 3:00 pm, the shares of Adani Wilmar Ltd were trading at Rs 377.70 or 3.88% below its previous close of Rs 392.95 on NSE.