Indigo Paints tumbled at 0.44 per cent to Rs 1,340, extending its losing run for the fifth consecutive trading session. Indigo Paints’ shares dropped by 6.74 per cent in five straight sessions. On 11 November 2022, the stock closed at a high of Rs 1,436.80, whereas on 18 November 2022, the stock hit its 52-week low of Rs 1,334.45. The counter has corrected 42.86 per cent from its 52-week high of Rs 2,345 hit in the same period of last year.

On the Bombay Stock Exchange (BSE), 4,985 shares were traded compared to daily average volumes of 2.24 lakh shares in the last two weeks. The stock underperformed the market over October, declining 8.72 per cent as compared with a 4.2 per cent rise in the Sensex.

In the daily chart, the stock is trading below its 50-day simple moving average (SMA) placed at 1,488.65, 100 days simple moving average (SMA) placed at 1,486.80, and 200-day simple moving average (SMA) placed at 1,558.82.

The company offers enamels & wood coatings for homes & offices and a wide range of interior & exterior wall paint colours.

Indigo Paints’ net profit jumped 173.7 per cent to Rs 37.09 crore on a 23.7 per cent rise in net sales to Rs 242.61 crore in the second quarter of FY23 over in the second quarter of FY22.