Shares of Olectra Greentech Ltd continued their downward move for the second consecutive session on Wednesday, falling 1.62 per cent to touch a day’s low of Rs 1,237.65. The stock has declined by 8.01 per cent over the past two trading days, following news of the cancellation of a major electric bus order by the Maharashtra government.
The company had earlier clarified that a Letter of Intent (LoI) was awarded to a consortium of Olectra Greentech and EVEY Trans Pvt Ltd for the supply, operation, and maintenance of 5,150 electric buses, including supporting electrical and civil infrastructure, under a Gross Cost Contract (GCC) model.
“We would like to bring your kind notice that, consortium of Olectra Greentech Ltd (Olectra) and EVEY Trans Pvt Ltd (EVEY) had been awarded with Letter of Intent from Maharashtra State Road Transport Corporation (MSRTC) relating to supply, operation and maintenance of 5,150 electric buses and allied…
