Buy Asian Paints on correction: Devang Mehta

Devang Mehta of Anand Rathi Financial Services told CNBC-TV18, "The only problem with Asian Paints was that it had rallied too much ahead of time before the numbers and the street was estimating good set of numbers. So it was a consensus trade that probably after the numbers the stock would again come down because of lot of over-expectations." "The management sounded a little bit pessimistic about the demand in scenario, so probably there has to be certain downgrades on the stock just for the pessimistic commentary and may be 5-7 percent correction more where again buying interest would be seen because you can't write off a company like Asian Paints and the sector that it belongs to. So, probably we would be buyers after five percent correction from here," he said.