EV busmaker Olectra Greentech's shares fell 5% on March 15 after it Election Commission documents revealed that its holding company, Megha Engineering & Infrastructures Ltd (MEIL), was the second highest purchaser of electoral bonds.
The Election Commission put up on its website the data on electoral bonds on March 14, a day ahead of the Supreme Court-fixed deadline. MEIL bought electoral bonds worth Rs 966 crore.
At 1200 hours on March 15, Olectra Greentech's shares on BSE were trading 5% lower at Rs 1,701 apiece. The stock has been trading 11% lower for the week and is on course for its worst weekly performance since December 2022. The stock fell 15 percent in the last one month.
Hyderabad based MEIL purchased electoral bonds worth Rs 140 crore in April, 2023 and next month the same company bagged Rs 14,400 crore worth twin tunnel from Thane to Borivali project by beating L&T in a bid floated by Maharashtra government’s nodal agency MMRDA.
Meanwhile, on March 15, Olectra Greentech's competitor JBM Auto was trading 0.7 percent higher at Rs 1,880.
The data from State Bank of India also reveals that MEIL’s subsidiaries and associate companies also donated. These included – a Rs 220 crore donation by Western UP Power Transmission Company Limited, Rs 40 crore by SEPC Power and Rs 6 crore by Evey Trans Private Limited.
The donations aggregate to Rs Rs 1,200 crore.
The company is executing projects across 20 states and two Union Territories in sectors such as irrigation, drinking water, highways and tunnels, ports, railways and power.
Some landmark projects include– Zojila Road Tunnel, Polavaram multipurpose irrigation project, Narmada-Kshipra River linking project in Madhya Pradesh, Mahasamruddhi Mahamarg in Maharashtra, Chardham Rail Tunnel in Uttarakhand, Vadodara Canal Top Solar Power in Gujarat, Gangajal Aapurti Yojana in Bihar, Polavaram Lift Irrigation in Andhra Pradesh, Saurashtra Branch Canal and Sauni Yojna in Gujarat and the Ramthal drip irrigation in Karnataka.
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