New Delhi, Feb. 27 -- Shares of UltraTech Cement dropped over five per cent on Thursday, February 27, after the Aditya Birla Group cement maker 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.

On the NSE, it declined 4.68 per cent to Rs.10,450. The cement major's market valuation diminished by Rs.15,811.8 crore to Rs.3,00,847.41 crore. The large-cap stock emerged as the biggest laggard among the Sensex and Nifty companies.

Also Read: UltraTech Cement board approves Kesoram demerger, green-lights Rs.1,800-crore capex plan. Check share swap ratio ...