Indigo Paints shares fell by 5.7% to ₹1,452.10 on the BSE early today. This drop followed a block deal worth ₹179.2 crore, where 1.2 crore shares were sold at ₹1,493 each.
It is believed that Peak XV Partners Investments (formerly Sequoia India) was behind the sale, but the exact parties involved haven’t been confirmed yet. Peak XV Partners Investments was previously reported to be looking to sell a ₹750-crore stake in the company.
As of June 2024, Peak XV Partners Investments V held a 13.09% stake in Indigo Paints, while Peak XV Partners Investments IV owned 12.14%. Paint stocks, including Indigo Paints, have been in the spotlight recently due to falling crude oil prices, which affect the cost of raw materials used in paint production.
Despite a good performance above its moving averages, the stock has declined by 6.5% over the past year and 0.5% so far this year. The Relative Strength Index (RSI) suggests the stock is nearing overbought levels.
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