Reliance Industries further sells stake in Asian Paints
Billionare Mukesh Ambani-led Reliance Industries on Monday sold shares worth 18.76 billion rupees ($218.32 million) in Asian Paints through a bulk deal, exchange data showed.
The conglomerate, through affiliate Siddhant Commercials, sold 8.5 million shares in Asian Paints to ICICI Prudential Life Mutual Fund, for 2,207 rupees apiece. The price reflects a 0.3% discount to Asian Paint's Friday's close.
Last week, Reliance sold shares worth $901 million in the paintmaker, trimming its stake to 0.9% from 4.9% as of March-end 2025.
Asian Paints, India's largest paintmaker, is currently facing a potential antitrust scrutiny, with its growth being challenged by new entrants like Aditya Birla Group's Birla Opus.
Last week, Reliance said it had a balance of 8.7 million shares in Asian Paints, while Monday's stake sale reduces the balance to roughly 200,000 shares.
