Asian Paints lower for third straight day; stock down 4% to Rs 1,440

Asian Paints shares were trading lower for the third straight day, down 4 per cent, at Rs 1,440 in intra-day trade on Tuesday due to higher crude oil prices, one of the key raw materials in paint manufacturing.

Meanwhile, in a regulatory filing, Asian Paints said that a fire broke out at the company's paint manufacturing facility in Vishakhapatnam, Andhra Pradesh, on Tuesday afternoon.

The fire has been brought under control. The company is in the process of assessing the extent of the damage. The manufacturing operations of the plant have been affected. This will not have any impact on the business operations of the company, it said.

In the past three trading days, the stock corrected 5 per cent, as compared to a marginal 0.13 per cent decline in S&P BSE Sensex.

Asian Paints hit an all-time high of Rs 1,530 on April 3, 2019, and has rallied 26 per cent in the past six months, against 12.5 per cent rise in the benchmark index till Thursday.

Oil hit 5-month highs as supply & geopolitics keeps the momentum up with Libya internal fighting seeing prices rise.

Berger Paints, Shalimar Paints, and Akzo Nobel India were among other paint shares, trading lower in the range of 1-3 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.25 per cent at 38,605 points at 12:26 pm.

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