Mumbai, Sept. 4 -- Backed by an investment of Rs 1,800 crore, Ultravolt is expected to become the second-largest player in the wires segment by capacity. The business aims to build a scaled national brand and rank among the top two players in the segment within five years.

The company's entry into the wires and cables market is expected to intensify competition in the sector. A domestic brokerage estimated that UltraTech could achieve a 5%-7% market share by FY31, while another brokerage cautioned that the aggressive expansion could result in a near-term de-rating for the wires and cables sector.

Shares of major industry players came under pressure following the development. RR Kabel declined 8.92%, KEI Industries fell 7.79% and Polycab...