KEI Industries shares slump 14% as Adani Group’s foray into cables & wires rattles sector
Shares of KEI Industries, a leading cables and wire manufacturer, tumbled 14.3% on Thursday to Rs 2,809.85 on the BSE after Adani Enterprises announced its entry into the cables and wires industry through a joint venture between its wholly owned subsidiary Kutch Copper Ltd (KCL) and Praneetha Ventures.
The stock led sharp declines across the sector, with Polycab India and Havells India plunging up to 8.5% as investors feared heightened competition from Adani Group’s foray into the space.
The sell-off followed Adani Enterprises’ late Wednesday announcement that KCL had completed the incorporation of a new joint venture, Praneetha Ecocables Limited (PEL), with Praneetha Ventures. Both partners will hold a 50% stake in the entity, which…
