Polycab India shares witnessed a sharp decline of over 7%, falling to ₹5,046.00, down by ₹392.40 (-7.22%) as of 9:51 AM today. The stock opened at ₹5,225.00, reached a high of ₹5,242.05, and touched a low of ₹5,021.25 during early trading hours.
Market Performance Overview at 9:55AM
- Previous Close: ₹5,438.40
- 52-Week High: ₹7,605.00
- 52-Week Low: ₹4,555.00
- Lower Circuit: ₹4,894.60
- Upper Circuit: ₹5,982.20
Possible Reason for the Decline
The decline in Polycab India’s stock price comes amid reports that Adani Enterprises, via its subsidiary Kutch Copper Ltd, is entering the ₹50,000 crore wires & cables market. Adani’s 50:50 joint venture (Praneetha Ecocables) aims to challenge existing players in the segment, including Polycab, KEI Industries, Havells, and Finolex Cables.
The entry of a major conglomerate like Adani Enterprises into the sector has raised concerns about increased competition, which could potentially impact the market share and pricing power of existing industry leaders like Polycab.
Disclaimer
This news is for informational purposes only and does not constitute financial or investment advice. Readers should conduct their own research before making any investment decisions.
