Polycab India’s share price declined 6.31% to ₹5,095.20 as of 9:17 AM, marking a drop of ₹343.20 from the previous close of ₹5,438.40. The stock opened at ₹5,225.00, reached an intraday high of ₹5,242.05, and recorded a low of ₹5,021.25.
Possible reason for the decline
Adani Enterprises, through its subsidiary Kutch Copper Ltd, has announced its entry into the ₹50,000 crore wires and cables market via a 50:50 joint venture (Praneetha Ecocables). This move comes shortly after Ultratech Cement also stepped into the industry, increasing competition for existing players like Polycab, KEI Industries, Havells, and Finolex Cables.
Stock details:
- Lower circuit: ₹4,894.60
- Upper circuit: ₹5,982.20
- 52-week low: ₹4,555.00
- 52-week high: ₹7,605.00
- Average price: ₹5,119.43
- Volume traded: 1,98,823
Disclaimer:
The information provided here is for reporting purposes only and does not constitute investment advice. Readers are advised to conduct their own research and consult with a financial professional before making any investment decisions.