The Exchange has sought clarification from Olectra Greentech Limited with respect to recent news item captioned Olectra Greentech tanks 14% as Maharashtra govt cancels Rs 10,000-crore e-bus order. The response from the Company is attached.
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NSE sought clarification from Olectra Greentech after its stock dropped 14% on news that the Maharashtra government cancelled a Rs 10,000 crore e-bus order. The company has submitted its response to the exchange, though the detailed response content is not included here. The cancelled order is a major contract for the company, and its stock has already reacted sharply to the news, indicating significant market concern about the financial impact.
This is a major negative event for Olectra Greentech shareholders. The loss of a Rs 10,000 crore e-bus order likely wipes out a substantial portion of the company's order pipeline and could materially affect future revenue and earnings, which is why the stock fell 14% intraday.