On Thursday, Asian Paints witnessed a notable decline in its shares, amounting to a nearly 4 percent drop. This downward trend was primarily attributed to the adverse effects of the surging crude oil prices on the stocks of paint companies.
The heightened cost of crude oil, which serves as a vital raw material in the production of paint, contributed to the decrease in the shares of various paint companies. Consequently, the trading day concluded with Asian Paints shares closing at Rs 3,180 apiece by 3:30 p.m.
In a somber announcement, Asian Paints conveyed the unfortunate news of the passing of Mr. Ashwin Dani, a Non-Executive Director of the Company. His departure was attributed to a brief illness.
Mr. Ashwin Dani had a longstanding and impactful association with Asian Paints, commencing in 1968. Over the years, he played a pivotal role in steering the company toward technological excellence, as noted by the company.
From 2009 onwards, he continued his service on the Board as the Non-Executive Director and Vice Chairman of both the Board and the Company. Additionally, between 2018 and 2021, he held the position of Chairman of the Board and the Company. The statement further expressed that Mr. Ashwin Dani's substantial contributions to the company would always be remembered.
During his tenure, Ashwin Dani oversaw Asian Paints' significant expansion into global markets, solidifying the company's position as a prominent player in the global paint industry. Of particular significance, he played a pivotal role in introducing India's pioneering computerized color mixing program.
It is worth noting that this decline in the company's shares coincided with the passing of Ashwin Dani, a non-executive director, at the age of 79, following a brief illness. This development was officially confirmed by Asian Paints through a stock exchange filing.
