Indian paint cos slump as crude prices rise; Asian Paints extends falls

Berger Paints India

28/09/2023 10:30

(Adds details, updates prices)
    ** Shares of Indian paintmakers Kansai Nerolac  KANE.NS ,
Asian Paints  ASPN.NS , Indigo Paints  INDG.NS , Berger Paints
 BRGR.NS  and Akzo Nobel  AKZO.NS  fall between 1% to 4.1% on
Thursday
    ** Oil prices surged 3% on Wednesday to a 2023-high after a
steep drop in U.S. crude stocks compounded supply worries
    ** Higher oil prices hurt paint producing companies as oil
is a major raw material 
    ** Shares of ASPN extends decline, falls as much as 4.4%
after non-executive director Ashwin Dani passes away; BRGR down
as much as 5% 


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))