Asian Paints lost 2.18% to Rs 855.80 at 14:04 IST on BSE on reports that a domestic brokerage has reiterated its 'reduce' rating on the stock citing expensive valuations.
Meanwhile, the S&P BSE Sensex was up 198.53 points or 0.8% at 25,151.27.
On BSE, so far 67,000 shares were traded in the counter as against average daily volume of 88,856 shares in the past one quarter. The stock hit a high of Rs 875.05 and a low of Rs 852.50 so far during the day. The stock had hit a 52-week low of Rs 693 on 16 June 2015. The stock had hit a record high of Rs 924.65 on 5 August 2015. The stock had underperformed the market over the past one month till 18 March 2016, gaining 4.66% compared with Sensex's 5.51% rise. The scrip had, however, outperformed the market in past one quarter, sliding 0.68% as against Sensex's 2.22% fall.
The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Rs 1.
The brokerage reportedly said in a latest research note that its channel checks suggest that the company has cut prices across its decorative paints portfolio by around a weighted average of 3%, which could lead to 3% to 5% cut in 2017-18 EPS estimate.
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On consolidated basis, Asian Paints' net profit rose 25.8% to Rs 463.28 crore on 13.9% growth in net sales to Rs 4102.95 crore in Q3 December 2015 over Q3 December 2014.
Asian Paints is India's largest and Asia's third largest paint company. The company operates in 19 countries and has 26 paint manufacturing facilities in the world servicing consumers in over 65 countries.
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