New Delhi, May 27 -- Olectra Greentech share price dropped by more than 12% during Tuesday's trading session after Maharashtra's Transport Minister, Pratap Sarnaik, instructed officials to annul the tender granted to the company due to its failure to adhere to delivery schedules.

Sarnaik stated on his social media account on "X," without specifically mentioning Olectra, that the company had been inactive regarding the supply of 5,150 leased buses and that he has instructed officials to take steps to terminate the agreement.

This decision was made on Monday evening following a meeting at the Maharashtra State Road Transport Corporation (MSRTC) headquarters, as per reports.

The minister also mentioned that a new timeline was provided to ...