Olectra Greentech, an electric bus manufacturer, witnessed a sharp 5% decline in its shares after revelations emerged regarding its holding company, Megha Engineering & Infrastructures Ltd (MEIL), being the second-largest purchaser of electoral bonds.
MEIL's purchase of bonds worth Rs 966 crore raised concerns, leading to investor apprehension and a subsequent drop in stock value. This development comes as MEIL, based in Hyderabad, also secured significant projects, including a lucrative bid for a tunnel project in Maharashtra. Additionally, MEIL and its subsidiaries' substantial donations further spotlighted the company's financial activities.