Mumbai/IBNS, Dec. 26 -- Ola Electric shares jumped 5% in intraday trade on Friday after the electric vehicle maker received Rs 367 crore in incentives from the Ministry of Heavy Industries under the Production Linked Incentive (PLI) scheme, media reports said.

Earlier this month, shares had slumped to a record low of Rs 39.79.

Ola Electric has secured Compliance Certification under the PLI scheme for the automobile and auto components sector for its Gen 3 scooter range, according to The Economic Times.

With the certification, the company becomes eligible for incentives ranging from 13% to 18% of the determined sales value of eligible products until 2028, the report said.

The certification was granted by the Automotive Research Associa...