Polycab shares slide 17% in 3 months amid Ultravolt shock, but Jefferies sees 33% upside. What’s behind the bullish view?

Polycab shares have fallen 17% from their June peak after UltraTech entered the wires and cables segment. Jefferies retained its Buy rating and Rs 11,100 target, implying 33% upside, citing strong demand, volume growth and Polycab’s distribution strength.