Polycab, KEI Industries, Havells: Stock Prices Down By About 14% - Here's Why

India's electrical product manufacturers experienced a significant downturn on Thursday, with indices plummeting up to 14%. This decline followed the announcement by the Gautam Adani-led Adani Group of its entry into the sector.

The Adani Group has established a joint venture with Praneetha Ventures, resulting in the creation of Praneetha Ecocables Ltd. “Kutch Copper Limited (KCL), a wholly-owned subsidiary of the Company, has completed the incorporation process of a joint venture company, namely ‘PRANEETHA ECOCABLES LIMITED’ (PEL), on 19th March 2025, with Praneetha Ventures Private Limited. KCL shall hold 50% Equity Share Capital of PEL,” the company stated in its filing.

Polycab India, a prominent electronics company, suffered a substantial setback in the stock market on Thursday. The company's shares declined by up to 9.5% during intraday trading, with its share price plummeting around 9.6% on the NSE.

Other major players in the electronics industry, including Havells India, RR Cables, and KEI, also experienced significant declines. KEI's shares crashed by up to 14%, while Havells tumbled more than 5% during intraday trading. RR Cables faced a decline of nearly 5%.

The newly formed joint venture will engage in the manufacturing, marketing, distribution, purchase, and sale of metal products, cables, and wires. This development has sparked concerns among existing industry players, contributing to the decline in their share prices.

Polycab Share Price

Polycab India's share price closed at Rs 5,083, having opened at Rs 5,220. It surged to a high of Rs 5,227 and declined to a low of Rs 4,912, ultimately plummeting 6% from the previous closing price of Rs 5,441.

Havells Share Price

Havells India's share price closed at Rs 1,502. It opened at Rs 1,528, its highest point, and declined to a low of Rs 1,470.

KEI Industries Share Price

KEI Industries' share price opened at Rs 3,199, its highest point, and dropped to Rs 2,765 before closing at Rs 2,843. This represents a 13% plunge from the previous closing price of Rs 3,279.