Shares of Polycab and KEI Industries crashed up to 9% on Friday after UltraTech Cement announced the launch of its wires and cables business, Ultravolt, backed by an investment of Rs 1,800 crore, with brokerages warning of a de-rating following the Aditya Birla Group’s aggressive foray into the market.
After the launch, UltraTech Cement shares gained around 1%, but Polycab shares plunged around 6% to trade at Rs 8,300 apiece on NSE, while those of KEI Industries crashed 9% to Rs 4,848.50 apiece.
