Reliance Industries—the energy-to-telecom conglomerate controlled by India’s richest person Mukesh Ambani—sold most of its shares in Asian Paints worth 77 billion rupees ($895 million) amid intensifying industry competition.

The company’s unit Siddhant Commercials sold 35 million shares or about a 3.7% stake at 2,201 rupees each via a block trade, according to an exchange filing on Thursday. Following the sale, Reliance will still hold 8.7 million shares in Asian Paints.

Reliance, which invested in Asian Paints shares almost two decades ago, has been cutting its stake in Asian Paints amid softening demand and intensifying competition from new players such as billionaire Kumar Birla’s Birla Opus.

“We expect the demand environment to remain weak in the coming quarters, while increasing competition in the sector will impact the outlook,” Indian brokerage Geojit, which is backed by BNP Paribas, wrote in a recent note. The brokerage recommends investors “reduce” their exposure on Asian Paints, whose shares have fallen more than 30% in 2024.

With an estimated net worth of $119.5 billion, Ambani is India’s wealthiest person, according to Forbes Asia’s list of India’s 100 Richest, published last October. He is the chairman of Reliance Industries, which has interests in energy, petrochemicals, telecommunications, retail, media and financial services.