Olectra Greentech Ltd. share price slumped over 13% on Tuesday after the Maharashtra State Road Transport Corporation cancelled an order for 5,150 buses.
The order cancellation came after Olectra Greentech allegedly failed to adhere to a revised timeline of May 22 to supply 1, 000 buses. In a post on X, Maharashtra transport minister Pratap Baburao Sarnaik, without specifying the company's name, said its failure to deliver on schedule raised concerns about it's ability to fulfill orders in future too.
The company, however, has not issued any official statement regarding cancellation of the order.
Meanwhile, Olectra Greentech posted good numbers for the fourth quarter. Its consolidated net profit rose 53.2% on the year to Rs 21 crore during January–March.
Olectra Greentech Q4 FY25 Highlights (Consolidated, YoY)
Revenue up 55.4% to Rs 449 crore versus Rs 289 crore.
Ebitda up 64% to Rs 56.5 crore versus Rs 34.5 crore.
Margin at 12.6% versus 12%.
Net profit up 53.2% to Rs 21 crore versus Rs 13.7 crore.
Olectra Greentech Share Price Today
Olectra Greentech share price slumped 13.77% to Rs 1,160 apiece, the lowest level since May 12. It pared losses to trade 5.88% down at Rs 1,266.9 apiece as of 10:07 a.m., as compared to a 0.98% decline in the NSE Nifty 50.
The stock declined 29% in 12 months, and 12.33% on year-to-date basis. Total traded volume so far in the day stood at 11 times its 30-day average. Relative strength index was at 54.92.
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