After Ultratech, the country's largest cement company, forayed into the cable and wire business, with capital expenditure of Rs 1,800 crore, its shares dropped by a colossal 4 per cent at the bourse. However, what came to pass in the case of other bigwigs of the cable and wire business was even worse.
KEI Industries Ltd
KEI Industries, one of the renowned names in the industry saw its shares collapse by a gargantuan 18.15 per cent, even hitting the lower circuit.
The company shares dipped by a colossal Rs 689.35 per share, taking the total value of the company shares to Rs 3,108.50.
Polycab India Ltd
Another major player that bled at Dalal Street was Polycab. The Mumbai-based company saw its shares continue on their downward decline since the beginning of the day's trade on Thursday.
At the time of writing, the overall decline in the company shares amounted to 15.60 per cent or Rs 899.60. This took the overall of the company shares to Rs 4,866.00 per piece.
Other key cable and wire business companies that traded in red included the likes of Havells and Finolex cables.
Havells India Ltd
The shares of Havells shares listed on the NSE dipped by a large margin. The company shares dipped by a total of 6.24 per cent or Rs 96.60.
This took the overall value of the company shares to Rs 1,451.30 per piece.
Finolex Cables Ltd
Finolex, the Pune-based company known for its pipes, is also in the cable business, and its Finolex Cables Ltd company also had its shares downsized on Thursday.
At the time of writing, the overall decline suffered by Finolex cable company shares amounted to Rs 41.65 or 4.65 per cent in total value. The stock price dipped to Rs 854.05 per piece in the early hours of the day's trade.
