Olectra Greentech extends fall; co says not received order scrapping a contract

Olectra Greentech

27/05/2025 09:00

Updates

** Shares of Indian electric bus maker Olectra Greentech OLEC.NS extend fall, down 6% to 1,266 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

** OLEC, in a statement to exchanges, says contract execution with Maharashtra state is "under process"

** Co adds it has not received any cancellation order for the contract

** Stock down 12.6% YTD

($1 = 85.2830 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)

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