Asian Paints stock falls amid report Reliance Industries to sell 4.9% stake

Asian Paints share price ended lower on Friday amid report that  Mukesh Ambani-led Reliance Industries is in discussions with banks for a potential sale of its 4.9 per cent stake in the paint maker through a series of block trades. Reliance holds stake in Asian Paints through Teesta Retail.

Shares of Asian Paints closed 1.01 per cent lower at 1,577against previous close of Rs 1593 on BSE. The stock fell up to 1.50% intra day to Rs 1,570. Reliance's 4.9 per cent stake in the paint maker is worth about Rs 7490 crore  ($989 million), based on the last price, according to a Bloomberg report.

Reliance Industries share gains over 4% as Vista Equity Partners to invest Rs 11,367 crore into Jio Platforms

Asian Paints share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has lost 14.81% in last eight sessions. Asian Paints share has lost 11.69% since the beginning of this year and gained 13.71% during the last one year. Total 1.42 lakh shares changed hands amounting to turnover of Rs 22.67 crore on BSE.

Of late, Reliance Industries has been selling stake in its telco business to cut debt. In April , Reliance said that the group's net debt would be slashed to zero ahead of its previous target of early 2021.

While PE firm Vista Equity Partners would invest Rs 11,367 crore into Jio Platforms, global tech investor Silver Lake has announced investment of Rs 5,655.75 crore in Jio Platforms. In April end, social media giant Facebook announced buying minority stake in the Mukesh Ambani-owned telco  Reliance Jio for $5.7 billion (Rs 43,574 crore).

By Aseem Thapliyal