Seven electric two-wheeler companies in India have collectively lost over Rs 9,000 crore ($1.2bn) in unpaid dues and market loss after their subsidies were stopped last year, according to the Society of Manufacturers of Electric Vehicles (SMEV). The Indian government has told the companies to refund the subsidies availed by them. The companies may have to absorb unpaid dues, interest, debt, loss of market share, reputational loss and the cost of capital along with potential recapitalisation.