Asian Paints shares hit 2-month low after Q2 profit misses estimates

Asian Paints shares tumbled more than five percent to a two-month low on Thursday after the paint maker reported its financial results for the July-September period. The company posted a 29 percent year-on-year drop in net profit to Rs 605.2 crore for the quarter ended September 30, missing Street estimates.

It, however, reported a jump of 32.6 percent in revenue to Rs 7,096 crore for the three-month period.

Analysts in a CNBC-TV18 poll had estimated Asian Paints' net profit at Rs 895 crore over revenue of Rs 6,750 crore for the second quarter of the current financial year.