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Asian Paints Ltd fell as much as 2.4 per cent on Monday morning to near three-week lows.
Kotak Institutional Equities says its channel checks suggest Asian Paints has cut prices across its decoratives portfolio by around a weighted average of 3 per cent.
Price cuts could lead to a 3-5 per cent cut in 2017-18 EPS estimates, Kotak said.
Kotak reiterated its “reduce” rating citing “expensive" valuations.
Last week Nomura downgraded Asian Paints to “neutral" from “buy”.
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