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Asian Paints Share Price: The paint company’s stock price tanked 8.46 per cent on Monday at 10:16 am. Here’s why

Asian Paints share price today. (Photo credit: X/ Pixabay)

New Delhi: Asian Paints’ share price was down 8.36 per cent to Rs 2,538.70 apiece on Monday, November 11, 2024. The company’s share price is inching close to its 52-week low of Rs 2,507 apiece, according to exchange data. The benchmark BSE Sensex tanked 82.71 points to 79,403.61 on Monday, while the NSE Nifty was down 29.60 points to 24,118.60.

Asian Paints’ Q2 net profit declined 43.71 per cent to Rs 693.66 crore from Rs 1,232.39 crore in the year-ago period led by slower demand, rising inflation and a decline in the domestic decorative and coatings business. The company’s Q2 revenue was down 5.3 per cent to Rs 8,027.54 crore from Rs 8,478.57 crore a year ago.

Asian Paints share price history

Asian Paints’ share price was down 12.62 per cent in the past 5 days. The company’s stock price tanked over 16 per cent in the past month. Over the past 6 months, the company’s stock value was down over 11 per cent. Asian Paints’ share price declined 17.66 per cent in the past year. Asian Paints’s share price closed at Rs 27.69.25 apiece on Friday. The company’s stock price hit a high of Rs 2,591.90 apiece and a low of Rs 2,507 apiece during the day’s trade on Monday at the time of writing.

Asian Paints brokerage view

Brokerage firm Jefferies maintained an underperform rating on Asian Paints with a share price target of RS 2,100 apiece indicating a 25 per cent downside from Friday’s closing rate.

J P Morgan slashed Asian Paints’ rating to underweight from neutral. The US-based company slashed the share price target to Rs 2,400 from Rs 2,800 earlier.

Japanese financial company Nomura maintained a neutral rating on Asian Paints with a share price target of Rs 2,500 apiece. The company forecasted flat sales for Aisan Paints in the second half of the current financial year.

Morgan Stanley and CLSA maintained underweight and underperform rating respectively on Asian Paints with a share price target of RS 2.522 and Rs 2,290 apiece, respectively, CNBCTV18 reported.

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The writer is a business and opinion journalist with over 8 years’ experience in print and digital journalism. He is focused on simplifying business concepts for readers and offering news that you can use. He also covers auto sector news for this publication.

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