Shares of Olectra Greentech rose 20% to Rs 482.45 on the BSE in intraday trade on Friday after the company launched its first hydrogen-powered bus in a technology partnership with Reliance Industries.

Olectra Greentech was quoted 19.5% higher at Rs 480.15 at 12:36 pm, while the S&P BSE Sensex was down 0.25%. Over-the-counter trading volumes soared fivefold, with about 6 million equity shares changing hands on NSE and BSE.

Olectra Greentech, a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL), is a pioneer in manufacturing electric buses in India. It is also India’s largest silicone rubber/composite insulator manufacturer for transmission and distribution networks.

The company said the 12-meter low-floor bus has a seating capacity of 32 to 49 passenger seats and a driver’s seat. A single hydrogen refill allows the bus to travel 400 km. Its commercial launch is expected within a year.

With the depletion of natural resources and the negative impact of air pollution and emissions, Olectra proactively accelerated the development of hydrogen-powered buses. The initiative will help the Indian government achieve its ambitions for carbon-free hydrogen. Olectra aims to contribute to the country’s environmentally sustainable energy security through its hydrogen buses, the company said.

However, the stock has fallen 19% over the past six months, underperforming the broader market, while the S&P BSE Sensex rose 1%. Its shares were down 25% over the past year, while the benchmark index has risen 9%. It hit an all-time high of Rs 940 on December 16, 2021.