Ultratech Cement shares tank 5%; market valuation drops Rs 15,811.8 cr

New Delhi: Shares of Ultratech Cement on Thursday dropped 5 per cent after the firm announced its entry into the wires and cables segment with an investment of Rs 1,800 crore to set up a plant in Gujarat.

The stock tanked 4.99 per cent to settle at Rs 10,420.65 on the BSE. Intra-day, it slumped 6.39 per cent to Rs 10,266.60.

At the NSE, it declined 4.68 per cent to Rs 10,450.

The company's market valuation diminished by Rs 15,811.8 crore to Rs 3,00,847.41 crore.

The stock emerged as the biggest laggard among the Sensex and Nifty firms.

Stock markets were closed on Wednesday for 'Mahashivratri'.

Ultratech Cement on Tuesday announced its entry into the wires and cables segment and will invest Rs 1,800 crore to set up a plant in Gujarat over the next two years as part of plans to expand its footprint in the construction value chain.

The plant will be set up near Bharuch in Gujarat and is expected to be commissioned by December 2026, according to a statement from UltraTech Cement.

The board of the Aditya Birla Group firm on Tuesday approved the proposal to extend its footprint in the construction value chain, through its Building Products Division.

This is following the "company’s strategy to strengthen its position as a comprehensive Building Solutions provider," said UltraTech.

Last year, Aditya Birla Group entered into the decorative paints segment by launching the brand Birla Opus.