Shares of Olectra Greentech Ltd plunged nearly 7% in early trade on May 27 after the Maharashtra government cancelled a major contract involving the lease of 5,150 electric buses, citing non-supply by the company.
At 9:16 AM, the stock was trading at ₹1,253.30, down ₹92.10 or 6.85% from the previous close of ₹1,345.40. The day’s trading began at ₹1,160.10, hit a high of ₹1,274.00, before retreating on news of the development.
The cancellation of the contract has sparked concerns over execution and fulfillment capabilities of the company, triggering a sharp sell-off in the counter. Trading volume crossed 5.9 lakh shares, reflecting heightened investor reaction.
Olectra’s stock has been volatile in recent months, with a 52-week range of ₹989.95 to ₹1,960.00. Investors are now watching for further clarity from the company on the matter.
Disclaimer: This article is based solely on publicly available information and social media statements and does not constitute investment advice. Investors are advised to exercise caution and consult certified financial advisors before making investment decisions.
