Stock Market LIVE Updates: Asian Paints shares fall 5% on CLSA downgrade. Here’s what this brokerage says

Shares of Asian Paints fell nearly 5% on Monday to the day's low of Rs 2,847.80 on the NSE in the opening trade after CLSA downgraded the stock to 'Sell' rating from an earlier rating of 'Underperform'. In its review of the stock, the Hong Kong based brokerage held that growing competition could have an impact on the near-term growth and margins of the paint maker. The review comes on the back of Grasim Industries foray into the paint business.