Olectra Green debunks reports of ₹10,000 crore e-bus order cancellation
Ltd on Tuesday said it has not received any official cancellation order for its
electric bus contract
in
Maharashtra
, countering earlier media reports that the ₹10,000 crore deal had been scrapped over procedural lapses.
'The contract execution is under process. Haven't received any cancellation order as reported in the media,' the company said.
Despite the clarification, shares of Olectra slid as much as 13% during intraday trading after
Maharashtra Transport Minister
Pratap Sarnaik posted on X that a tender for electric buses in Bhandetali had been cancelled due to 'serious discrepancies.'
by Taboola
by Taboola
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— PratapSarnaik (@PratapSarnaik)
'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. He did not name the company, but investor sentiment pointed to Olectra Greentech as the affected party.
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Olectra, along with its consortium partner Evey Trans Private Limited (EVEY), had received a Letter of Intent (LOI) from the
Maharashtra State Road Transport Corporation
(MSRTC) earlier this year to supply, operate, and maintain 5,150 electric buses under a Gross Cost Contract model. The contract, estimated at ₹10,000 crore, also included related electrical and civil infrastructure.
Also Read:
Maruti commences high voltage training program at 130 ITIs to accelerate EV adoption
Shares of the company ended the day at ₹1,255.90, down ₹89.60 or 6.65% from the previous close.
As per the LOI, EVEY was expected to procure the buses from Olectra, with deliveries scheduled over 24 months. Olectra was also tasked with long-term maintenance of the fleet.
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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