Paint stocks trade weak on concern of demand destruction in near term

Asian Paints, Berger Paints India, Kansai Nerolac Paints and Akzo Nobel India slipped in the range of 2 per cent and 5 per cent on the BSE.

Shares of paint manufacturers extended their decline into Thursday and slipped up to 5 per cent on the BSE on concerns of demand destruction in the near term due to the outbreak of coronavirus (Covid-19).

Asian Paints, Berger Paints India, Kansai Nerolac Paints and Akzo Nobel India were down in the range of 2-5 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.5 per cent at 31,525 points at 01:08 pm. These stocks have slipped 19 per cent-34 per cent from their respective 52-week highs on the BSE.

Kansai Nerolac Paints' stock dipped 4