New Delhi: Shares of Asian Paints Ltd dropped over 4 per cent in morning trade on Thursday after the company reported a 24.64 per cent decline in consolidated net profit in the June quarter.The stock went lower by 4.24 per cent to Rs 2,848.15 on the BSE. At the NSE, it dropped 4.45 per cent to Rs 2,842 apiece.

The stock emerged as the biggest laggard among the Sensex pack. Asian Paints Ltd on Wednesday reported a 24.64 per cent decline in consolidated net profit to Rs 1,186.79 crore in the June quarter, hit by demand slowdown due to severe heatwave and general elections. The company had posted a consolidated net profit of Rs 1,574.84 crore in the same period last fiscal year, Asian Paints said in a regulatory filing.