Share prices of Asian Paints fell nearly 3% on Friday to R 2,785 after witnessing sharp sell-off in the closing hours of Thursday session.
The campaign, which coincided with Asian Paints' new TV commercial, included 121 popular Moj creators and received a massive response on the app.
However, they had been denied access to the market even in these states and faced the same resistance in other regions due to coercive action taken by Asian Paints against the dealers.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stands at Rs 1,654.92 crore in June 2022, up 64.97% from Rs 1,003.17 crore in June 2021.
Experts go as far as calling the Grasim’s entry a ‘Jio moment’. Jay Gandhi, institutional research analyst at HDFC Securities, feels Grasim’s plans will impact the number 2 and number 3 players.
Three Indian firms -- Hindustan Unilever, Asian Paints and Bharti Airtel -- are among Forbes' list of the world's 100 most innovative companies.