Olectra Greentech drops after Indian state cancels 100-bln rupee bus order

Olectra Greentech

27/05/2025 05:27

** Shares of Indian electric bus maker Olectra Greentech OLEC.NS fall 4.6% to 1,283.50 rupees

** Maharashtra state government cancels an order for 5,150 electric buses after "company responsible" failed to deliver within stipulated time - transport minister says in a social media post without naming the company

** A JV between OLEC and another co received a government order worth 100 billion rupees ($1.17 billion) to supply 5,150 electric buses in July 2023 over 2 years

** It was not immediately clear if the JV's order was cancelled; Olectra did not immediately respond to a Reuters' request for comment

** YTD stock has dropped 7%

($1 = 85.2830 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)

 ((Hritam.Mukherjee@thomsonreuters.com;))