KEI Industries, one of the biggest names in the cable and wires business, is having one of its worst days at Dalal Street. The company shares collapsed in the intraday trade on Thursday, March 20. The decline amounted to a mountain of over 14 per cent.
Adani Enters Cable Market
This came to pass following the news of Adani Group's foray into the market, which is now turning into a fiercely competitive market.
Adani Enterprises, Adani Group's flagship announced its entry into the cables and wires world.
This would be realised through a joint venture of its wholly-owned subsidiary Kutch Copper Limited (KCL) with Praneetha Ventures.
This comes at the back of another major entry into the market. In late February, the wire stocks suffered a similar fate of massive exodus and sell off after Ultratech, India's largest cement company, forayed into the cable and wire business, with a capital expenditure of Rs 1,800 crore.
KEI Industries Ltd
The KEI shares suffered a major blow, as its shares went on a freefall. At the time of writing, the decline of KEI shares stood at 14.33 per cent or Rs 470.40 per piece.
This took the overall value of the company stocks to Rs 2,812.85, a pale shadow of its 52-week high mark of Rs 5,039.70 per piece.
KEI was not alone in the grand fall, as other big names, including Polycab and Havells also have had a similar day at the bourse.
Havells India Ltd
Havells shares dipped to Rs 1,484.55 per piece.
This came to pass after the company shed 4.71 per cent or Rs 73.40 of its value.
Polycab India Ltd
Mumbai-based electric equipment company, Polycab also recorded major losses in the intraday trade on Thursday.
The company shares, at the time of writing, declined by a cumulative 9.50 per cent or Rs 516.40, taking the overall value of Polycab shares to 4,922.00 per piece, pushing it below the marquee mark of Rs 5,000 per share.
