When two of India’s major conglomerates announced electrical cable market entries in early 2025, investors dumped Polycab India shares as if the company were about to face an Asian Paints-style disruption.The announcements came in quick succession. UltraTech Cement, part of the Aditya Birla Group, unveiled plans in February for ₹18 billion investment over two years. In March, Adani Group announced its own entry. The Polycab stock fell over 6% the day after that announcement, with investors fearing a repeat of the paint industry carnage where Grasim's Birla Opus crushed Asian Paints' margins and market share.
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