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Olectra Greentech Ltd. shares dropped as much as 4 percent on Monday after the electric bus manufacturer reported its earnings for the second quarter. The stock has recouped some of the losses.

The company's consolidated net sales for the September quarter jumped 152 percent to Rs 183.27 crore from Rs 72.79 crore in the year-ago quarter.

Net profit for the period also doubled to Rs 7.41 crore from Rs 3.60 crore a year ago.

Operating profit for the company increased nearly 60 percent year-on-year.

However, shares are trading lower as the earnings don't appear robust on a sequential basis. Compared to the June quarter, revenue is down over 30 percent while net profit has more than halved.

Earlier this month, Olectra Greentech announced that the Rs 70 crore order it received from the Gujarat State Road Transport Corporation (GSRTC) to supply an additional 50 buses had been terminated.

Olectra Greentech had initially bagged an order from GSRTC for 50 electric buses, which were supplied, and then an additional order was made for 50 more buses as per the earlier tender conditions.

However, the agreement execution did not culminate since some critical commercial terms and conditions were not agreed upon between the two parties.

After falling as much as 4 percent in early trading, shares of Olectra Greentech are now trading 1 percent lower at Rs 562 as of 1 PM.

(Edited by : Rukmani Krishna)