KEI Industries, Polycab, Havells crash on Adani Group’s entry to wire space after UltraTech

Shares of Polycab India, KEI Industries, Havells, Finolex Cables and other peers plunged after Adani Group’s foray into cables and wires segment. This comes after UltraTech Cement recently announced its foray into the segment, which resulted in a major stock correction of these stocks earlier.

Adani Enterprises on Wednesday announced that its wholly-owned subsidiary Kutch Copper Ltd (KCL) had completed the incorporation of joint venture Praneetha Ecocables with Praneetha Ventures, in which KCL shall hold 50 per cent stake.

Polycab shares fell 8.45 per cent to ₹4,978.85. The stock hit an intraday low of ₹4,916.75 on the NSE.

KEI Industries plummeted 12.65 per cent to ₹2,868, after hitting a low of ₹2,806.15.

Havells India declined 4.94 per cent to ₹1,480.95 and Finolex Cables stock dropped 3.90 per cent to ₹834.55.

R R Kabel traded 1.57 per cent lower on the NSE at ₹902.65, after hitting a low of ₹878.30 in early trade.

Meanwhile, Adani Enterprises stock inched up 0.66 per cent to ₹2,334.05.