Asian Paints tanks 15% in 3 days, nears 52-week low on margin worries

Shares of Asian Paints witnessed heavy selling pressure and were down 6 per cent at Rs 2,692.75 on the BSE in Friday’s intra-day trade, falling as much as 15 per cent in past three trading sessions on margin concerns amid rising crude oil prices. The stock of the India’s largest paint company quoted at its lowest level since March 2021. The stock had hit a 52-week low of Rs 2,343.85 on March 15, 2021.

The steep and unprecedented inflationary trend in raw material prices continued to impact the gross margins, which shrank 833 bps year-on-year (YoY) to 36.8 per