Indigo Paints tanks 11%, hits new low; trades near IPO price of Rs 1,490

In the past one month, the stock underperformed the market by falling 24 per cent, after Indigo Paints reported a disappointing set of numbers for Q3FY22 mainly in margin front.

Shares of Indigo Paints continued to reel under pressure, hitting a new low at Rs 1,497.65, as the stock tanked 11 per cent on the BSE in Monday’s intra-day trade on concerns of weak earnings due to higher input cost and lower demand.

The stock of paint makers traded close to its initial public offer (IPO) issue price of Rs 1,490. The company had made its stock market debut on February 2, 2021. The market price of Indio Paints more-than-halved or down 55 per cent from its record high level of Rs 3,348 touched on February 3, 2021.