NCLAT pauses MSCI removal of Polycab pending order
NCLAT directed MSCI to retain Polycab India in its index until the tribunal rules on an insolvency appeal. The shares closed at ₹7,718 on 27 Oct, while futures open interest rose 14.9%, indicating a short build-up.
after close2 sources ↓machine-written, see hownot a recommendation
- POLYCAB close
- ₹7,718
- On the day
- -0.27%
- Futures OI, short build-up
- +14.9%
- Put-call ratio
- 0.86
- Max pain
- ₹7,800
Polycab India received interim relief from the National Company Law Appellate Tribunal on 27 Oct 2026, with the Principal Bench directing MSCI not to remove the company from its index until the tribunal pronounces its order in an insolvency appeal. The direction followed submissions that the stock could be removed during MSCI’s review cycle, which began on 28 Oct 2026. The order was communicated to MSCI, according to the company’s exchange filing. ⚖️
The matter relates to Asier Metals Private Limited vs Polycab India Limited, Company Appeal (AT) (Insolvency) No. 1940 of 2026. The appeal challenges decisions connected with the insolvency resolution process involving the company. The tribunal has reserved the matter for orders, so the interim direction preserves the company’s index inclusion until the next judicial development rather than resolving the underlying dispute.
OI Charts data showed the shares closed at ₹7,718 on 27 Oct, down 0.3% on the day, with volume of 350,924. The stock had fallen 6.0% over five sessions and 8.3% over 20 sessions, while trading between its 52-week low of ₹6,663 and high of ₹10,126. In derivatives, futures open interest rose 14.9% to 1,949,125 shares, indicating a short build-up as the futures traded at a 0.75% discount to spot. 📉
The options structure placed the largest call open interest at ₹8,000 and the largest put open interest at ₹7,500. The put-call ratio was 0.86 and max pain was ₹7,800 for the 23 Nov 2026 expiry, 27 days away as of the data date. These levels identify the immediate positioning zones traders are watching, but the legal order remains the primary event risk for the stock and the electrical equipment segment. ⚡
The next trigger is the NCLAT’s pronouncement in the appeal. Market participants will also track MSCI’s response during the review cycle and any subsequent exchange filing from the company. The tribunal’s final order will determine whether the interim protection ends, continues, or changes.
Source: scanx.trade and ET Now, 28 Oct 2026
Not investment advice. For informational purposes only.