Asian Paints shares in focus as ICICI Prudential buys stake worth Rs 1,876 crore from Reliance

Asian Paints shares will be in focus on Tuesday after ICICI Prudential Mutual Fund acquired 85 lakh shares of the company in a block deal worth Rs 1,876 crore.

Mukesh Ambani-led Reliance Industries sold the shares through its affiliate Siddhant Commercials Private Limited at Rs 2,207 per share. Asian Paints stock closed Monday's session at Rs 2,243.65, up 1.28% or Rs 28.35.

This comes just days after Reliance sold a 3.6% stake in Asian Paints to SBI Mutual Fund in a separate block deal worth Rs 7,704 crore—one of India’s largest bilateral transactions. That deal was executed at Rs 2,201 per share.


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Reliance has been gradually monetising its long-term stake in Asian Paints, held via Siddhant Commercials. The investment, held for nearly 17 years, has now delivered a return of nearly 23 times.

Despite investor interest, Asian Paints shares have been under pressure, falling over 20% in the past year and down 3% so far in 2025.

In the March quarter, the company reported a sharp 45% year-on-year drop in consolidated net profit to Rs 692 crore, compared to Rs 1,257 crore a year earlier. Revenue from operations also declined 4% to Rs 8,330 crore.

Commenting on the results, Managing Director and CEO Amit Syngle said:

“The weak demand conditions prevalent for the past few quarters continued to affect the paint industry even in the last quarter of the financial year. The demand for decorative coatings was only marginally better than in the third quarter.”

Asian Paints Share Price Target

According to Trendlyne, the average target price for Asian Paints is Rs 2,282, indicating a modest upside of around 2% from current levels. Among 35 analysts tracking the stock, the consensus rating remains ‘Sell’.

On the technical front, the Relative Strength Index (RSI) stands at 42.5 — below the overbought threshold of 70 but not yet in oversold territory (below 30). Meanwhile, the MACD is at 30.4 and remains below both its signal and center lines, signalling a strong bearish trend.

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