Shares of Polycab India, KEI Industries, and Havells India saw a sharp decline of over 5% in early trade on March 20. The sudden drop in these cable and wire stocks has drawn market attention as investors reacted to new sector developments.
Stock performance as of 9:22 AM:
- KEI Industries: ₹3,101.00 ▼ 5.55% (-₹182.25)
- Polycab India: ₹5,188.10 ▼ 4.60% (-₹250.30)
- Havells India: ₹1,489.00 ▼ 4.43% (-₹68.95)
The decline comes after reports that Adani Enterprises, through its subsidiary Kutch Copper Ltd, is entering the ₹50,000 crore wires & cables market with a 50:50 joint venture named Praneetha Ecocables. This move is expected to intensify competition in the sector, particularly for established players like Polycab, KEI, Havells, and Finolex Cables.
Disclaimer:
The information provided is for reporting purposes only and does not constitute investment advice. Readers should conduct their own research and consult financial professionals before making any investment decisions.
