Asian Paints dips 7% post Q2 results; stock hits over 2-month low

Steep inflation seen in raw material prices, since the beginning of this calendar year, has been phenomenal and has impacted gross margins across all businesses in the quarter.

Shares of Asian Paint dipped 7 per cent, hitting an over two-month low of Rs 2,961 on the BSE in Thursday’s intra-day trade, after the company reported 28.2 per cent year on year (YoY) decline in consolidated net profit at Rs 595.96 crore in July-September quarter (Q2FY22), due to higher raw material cost. The company had posted a profit of Rs 830.37 crore in the year-ago quarter.

The stock of India's leading paint company was trading at its lowest level since August 12, 2021. In the past three months, it has underperformed the market by falling 5 per cent,