Asian Paints drops after filing FIR against registrar & transfer agent

Asian Paints fell 0.7% to Rs 861 at 9:55 IST on BSE after the company filed First Information Report with the Police department against its Registrar & Transfer Agent and its employees after discovering certain irregularities.

The announcement was made after trading hours on Friday, 4 March 2016.

Meanwhile, the S&P BSE Sensex was up 112.03 points or 0.4% at 24,758.83.

On BSE, so far 5,074 shares were traded in the counter as against average daily volume of 81,544 shares in the past two weeks. The stock hit a high of Rs 870 and a low of Rs 859.25 so far during the day. The stock had hit a record high of Rs 924.65 on 5 August 2015. The stock had hit a 52-week low of Rs 693 on 16 June 2015. The stock had underperformed the market over the past one month till 4 March 2016, sliding 2.43% compared with Sensex's 1.27% gains. The scrip had, however, outperformed the market in past one quarter, rising 3.71% as against Sensex's 3.87% fall.

The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Rs 1.

Asian Paints announced that it has filed First Information Report (FIR) with the Police department against its Registrar & Transfer Agent Sharepro Services (India) and its employees after discovering certain irregularities at Sharepro with respect to share transfer operations and dividend encashment activities. Asian Paints has issued a termination notice to Sharepro for the termination of Registrar & Transfer Agent services with effect from 1 April 2016. The company is currently in the process of appointing a new Registrar & Transfer Agent.

Asian Paints' consolidated net profit rose 25.8% to Rs 463.28 crore on 13.9% rise in net sales to Rs 4102.95 crore in Q3 December 2015 over Q3 December 2014.

Asian Paints is a paint producing company.

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