Polycab India shares rise 3% after selloff as investors reassess UltraTech threat

Polycab India share price: The recovery followed a sharp selloff on Thursday, triggered by HSBC cutting target prices for major wires and cables companies by as much as 23%. The downgrade was attributed to UltraTech's Rs 1,800 crore investment, which was seen as an "industry-fragmenting" event potentially impacting long-term earnings growth for existing players.