Key Points
BENGALURU, Nov 7 (Reuters) - India's Greaves Cotton (GRVL.NS) on Tuesday reported a second-quarter loss, hurt by a one-time charge relating to a government incentive for electric scooter sales and higher expenses...
The company posted a consolidated loss of 1.91 billion rupees ($22.9 million) for the quarter ended Sept. 30, compared to a profit 288.8 million rupees last year...
Greaves had in May received a notice from the Indian government which alleged its electric vehicle unit failed to adhere to guidelines of an e-scooter incentive scheme, and directed that it return the subsidies claimed...
The company had reported a loss of 50.8 million rupees in the previous quarter as well, as sales of its "Ampere" branded electric scooters took a beating after the subsidy cut...
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