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Adani Wilmar shares froze at the 10 per cent upper circuit to close the session at Rs 345.70 on Wednesday.

The counter had declined over 20 per cent from its all-time of Rs 419.90 it touched earlier this month.

The company listed on February 8, whose initial public offerings were subscribed more than 17 times, had made a muted debut in the exchanges with a discount of little over 1 per cent from its issue price of Rs 230, but later managed to rally.

Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, is among the largest FMCG companies in India, and is known for its wide range of offerings in edible oils comprising soya bean, sunflower, mustard, and rice bran, as well as wheat flour, rice, pulses, sugar among others.

The company has 22 plants in India, which are strategically located across 10 states, comprising 10 crushing units and 19 refineries.