Cable stocks extend losses as Citi flags UltraTech Cement threat
Wires and cables stocks stayed under pressure after Citi warned UltraTech Cement’s entry could weigh on near-term valuations. RR Kabel fell to Rs 2,375.70 and KEI fell over 3%.
Shares of wires and cables companies remained under pressure on Monday, extending the selloff triggered by UltraTech Cement’s entry into the segment, after Citi said the new competition could weigh on near-term valuations of incumbent players. 70 around…