India's Olectra Greentech sinks; report says BYD partnership rejected

Olectra Greentech

24/07/2023 05:21

** Shares of Olectra Greentech Ltd  OLEC.NS  fall as much as
7.3% to 1182.20 rupees, their biggest intraday pct loss since
Feb. 28
    ** India govt rejects Chinese automaker BYD's  600104.SS 
proposal to set up $1 billion factory in India in partnership
with OLEC parent Megha Engineering and Infrastructure, Economic
Times newspaper reported
    ** Electric bus maker's shares down for sixth straight
session, where it has lost 11% at current levels
    ** If losses hold, stock set for longest losing run since
Oct. 21
    ** Stock trims YTD gains to 146.7% vs rival JBM Auto's
166.7% rise


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))