Bengaluru, June 27 -- The shares of one of the leading paint manufacturers, engaged in producing, trading, and selling coatings, jumped 8% after its promoters announced the sale of their India business to JSW Paints, drawing attention to the sector and the strategic move.

With a market capitalization of Rs 15,424 Crores, the share price of Akzo Nobel India Ltd was trading over 10% hit an intraday high of Rs 3533 per share from its previous closing price of Rs 3189.30 per share.

In a major strategic move, the promoters of Akzo Nobel India Ltd have signed a share purchase agreement with JSW Paints to sell their entire 74.76% stake for Rs 9,400 crore at a price of Rs 2,762.05 per share, a 16% discount to the previous day's closing price. ...