Praneetha Ecocables (PEL) will focus on manufacturing, marketing, distribution, buying and selling of metal products, cables and wires. PEL is a newly incorporated company registered in Ahmedabad, India, and is yet to commence business operations. PEL has an authorized and paid-up share capital of Rs 10 lakh.

Adani Enterprises (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centered on the fields of airport management, technology parks, roads, data centers, and water infrastructure.

The company’s consolidated net profit tanked 96.93% to Rs 57.83 crore in Q3 FY25 as against Rs 1,888.45 crore reported in Q3 FY24. Revenue from operations declined 8.78% to Rs 22,848.42 crore in Q3 FY25 from Rs 25,050.23 crore recorded in the same period a year ago.

Shares of Adani Enterprises shed 0.05% to Rs 2,320 on the BSE.

Following the announcement, shares of other wire makers slumped on fears of increased competition. Shares of KEI Industries fell by 13.31%, Polycab India dropped 9.19%, Havells India saw a 3.85% decrease, and other peers like RR Kabel and Finolex Cables declined by 1.83% and 3.97%, respectively.