New Delhi, Feb. 27 -- 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.

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 expa...