Asian Paints shares fall as Birla Opus poses challenge to mkt leadership position

ASIAN PAINTS is bleeding red on the stock exchanges as Grasim's aims to disrupt the decorative paint market with Birla Opus is expected to challenge its undisputed supremacy.

-  ARSHAD KHAN

Shares of Asian Paints hit a 10-month low of 2,850 on Monday as they slipped nearly 5% intraday after brokerage firm CLSA downgraded the stock.

CLSA cut its price target on Asian Paints to 2,425 apiece from ₹3,215 earlier. The target price (TP) given by CLSA is among the lowest TP assigned by any brokerage for the paint giant. Shares of Asian Paints closed 4% lower on Monday at ₹2,868 apiece. Shares of Berger Paints, Indigo Paints and Kansai Nerolac fell about 1% each.