Olectra Greentech shares tank 13% as Maha gov reportedly cancels big e-bus order
Shares of
Olectra Greentech
nosedived nearly 13% to an intraday low of Rs 1,180 on the BSE on Tuesday, reportedly due to the cancellation of a big order from the Maharashtra government over the delivery of electric buses.
Maharashtra's Transport Minister, Pratap Sarnaik, posted on the social media platform X that the contract for electric buses in Bhandetali should be scrapped due to procedural lapses, though he did not name the company involved.
While Sarnaik refrained from naming the firm, the market reaction pointed clearly at Olectra Greentech, which, along with its consortium partner Evey Trans Private Limited (EVEY), had previously received a Letter of Intent (LOI) from the Maharashtra State Road Transport Corporation (MSRTC).
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'The decision has been taken to cancel the tender awarded to the company operating 150 electric buses in Bhandetali due to serious discrepancies. A fresh tender will be issued soon,' Sarnaik wrote in a post on X.
The LOI, received by the company earlier in 2023, pertained to the supply, operation, and maintenance of 5,150 electric buses, along with allied electrical and civil infrastructure, under a Gross Cost Contract (GCC) model.
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According to the company's exchange filing at that time, the total order value stood at approximately Rs 10,000 crore, nearly equal to Olectra's market capitalization at the time of announcement.
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IndiGo shares slip 3% as co-founder Rakesh Gangwal likely offloads Rs 11,988 crore stake via block deal
EVEY was expected to procure these buses from Olectra, with deliveries spread across 24 months. Maintenance responsibilities were also assigned to Olectra for the duration of the contract.
Olectra Greentech share price performance
Over the past one year, the stock has declined by 30.21%. On a year-to-date (YTD) basis, it is down 15.06%, while the six-month return shows a drop of 19.67%. In contrast, the stock has gained 12.16% over the last three months and 4.60% in the past one month, indicating a short-term recovery amid long-term weakness.
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