Asian Paints extends loss into 8th day on report RIL mulls stake sale

The company controlled by Mukesh Ambani, is in discussions with banks for a potential sale of its 4.9 per cent stake in Asian Paints through a series of block trades, reports suggest.

Shares of Asian Paints extended its loss into eighth straight day, down 1.5 per cent at Rs 1,570, on the BSE on Friday on report that Reliance Industries (RIL) is considering selling its 4.9 per cent stake in the country’s largest paint maker to trim its debt.

In the past eight trading sessions, the stock of Asian Paints has underperformed the market by falling 15 per cent, as compared to a 0.55 per cent rise in the S&P BSE Sensex.

RIL owner Mukesh Ambani is in discussions with banks for a potential sale of its 4.9 per cent stake in Asian Paints