New Delhi, Dec. 10 -- There is one company that market veteran Raamdeo Agrawal sorely misses not investing in at the right time: Asian Paints Ltd. "It is really iconic. I missed it three times. I am watching it from the 1980s and I have still not made a single penny out of it. But this time, I think I am going to make money."

Agrawal is now banking on his "bruised blue chips" theory-or investing in quality, large companies when they go through a lean patch-to buy into India's largest paintmaker. "Nothing comes to my mind which is that bruised a blue chip besides Asian Paints," he said, referring to a near 30% year-to-date decline in the shares of Asian Paints as India's consumption growth eased.

Every December, after unveiling his wealt...