Asian Paints shares tank over 5%; m-cap drops Rs 6,008 cr post Q2 results

Shares of Asian Paints Tuesday fell over 5 per cent after the company reported a 14.76 per cent fall in its consolidated net profit for the September quarter.

The scrip tanked 5.21 per cent to close at Rs 1,138.80 on the BSE. Intra-day, it dropped 6.81 per cent to Rs 1,119.60.

The stock was the worst performer among the BSE's 30-pack.

On the NSE, shares of the company slumped 4.82 per cent to end at Rs 1,142.45.

As a result, Asian Paints' market valuation tumbled by Rs 6,008.56 crore to Rs 1,09,233.44 crore on the BSE.

In terms of equity volume, 6.69 lakh shares of the company traded on the BSE and over 82 lakh shares changed hands on the NSE during the day.

Asian Paints Monday reported a 14.76 per cent fall in its consolidated net profit at Rs 506 crore for the September 2018 quarter.

The company had posted a net profit of Rs 593.66 crore in the July-September quarter a year ago.

However, its total income moved up by 8.66 per cent to Rs 4,702.37 crore during the quarter under review as against Rs 4,327.58 crore in the corresponding quarter of the previous year.