Asian Paints shares declined 0.56 per cent to ₹2,206.90 during Friday’s mid-market session on the NSE following a massive block deal divestment by Reliance Industries. The stock opened at ₹2,175, touched a high of ₹2,210.20 and low of ₹2,174.80 against the previous close of ₹2,219.40.
Reliance Industries sold 3.5 crore equity shares of Asian Paints at ₹2,201 per share through its subsidiary Siddhant Commercials, marking one of the largest block deals in recent times with a transaction value of ₹7,704 crore. The deal, executed in the block deal window, involved 3.6 per cent of Asian Paints’ equity and generated significant trading volumes of 35 million shares.
Reliance Industries shares also declined 0.70 per cent to ₹1,431.50 on the NSE. The stock opened at ₹1,424, hit a high of ₹1,435.50 and low of ₹1,414.30 against the previous close of ₹1,441.60.
Market experts highlight potential headwinds for paint companies amid geopolitical tensions. According to Naveen Vyas of Anand Rathi Global Finance, any Iran-Israel conflict could spike Brent crude prices, directly impacting paint manufacturers like Asian Paints and Berger Paints due to raw material cost pressures.
Since India imports over 80 per cent of its crude oil requirements, sustained crude prices above $82-85 per barrel for 3-6 months could create margin pressure for paint companies and other key sectors including oil marketing companies, automobiles, and cement.