CLSA maintains ‘underperform' rating on Asian Paints, cuts target price to Rs 1,966 amid CCI investigation concerns
Shares of Asian Paints remained under pressure after CLSA maintained its 'underperform' rating on the stock with a reduced target price of Rs 1,966 per share. This comes following the Competition Commission of India (CCI) initiating an investigation against the company over alleged abuse of its dominant market position.
According to CLSA, the CCI has ordered a detailed probe into Asian Paints' business practices, focusing on its market behavior towards new entrants like Grasim Industries' Birla Opus Paints. The investigation report is expected within 90 days.
The brokerage noted that Asian Paints has sought an opportunity from the CCI to present its position on the matter. The company, in its defense, stated that the Indian paint market remains highly competitive with low entry barriers.
CLSA highlighted that this complaint reflects the growing competitive intensity in the paints sector. It added that the ongoing scrutiny could increase regulatory pressure on Asian Paints' response strategies toward new market players.
The brokerage also flagged that the current CCI order was issued without offering a hearing to Asian Paints, a point the company is likely to contest in future proceedings.
At the time of the report, Asian Paints shares were trading at Rs 2,369.50 per share.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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