The shares of one of the leading electric vehicle (EV) manufacturers in India, specializing in the design, manufacturing, and development of electric vehicles (EVs), are in focus upon facing regulatory scrutiny upon the discrepancy between the number.
Price action
With a market capitalization of 22,998.07 Crores on Thursday, the shares of Ola Electric Mobility Limited fell upto 4 percent making a low of Rs. 51.64 compared to its previous closing price of Rs. 53.82.
What Happened
Ola Electric Mobility Limited is engaged in the design, manufacturing, and development of electric vehicles (EVs), has seen in bearish phase in day’s trade as the company faced regulatory scrutiny because of a discrepancy between the number of scooters it claims to have sold and the number registered with the government.
Ola Electric has reported selling a lot of scooters, but when authorities check the official records, the numbers don’t match. This mismatch in sales and registration data raises concerns and leads to investigations. While Ola Electric claims to have sold 25,000 vehicles in February, only 8,600 vehicles were registered as per Vahan Portal.
Maharashtra RTO authorities inspected Ola showrooms across the state, including Pune, seizing 36 scooters in Mumbai and Pune due to compliance issues. The crackdown has extended to Punjab, where Ola stores have shut down, and Jabalpur, where notices were issued for selling unregistered scooters.
About the Company
Ola Electric Mobility is an Indian electric vehicle (EV) manufacturer focused on providing sustainable, eco-friendly transportation solutions. The company, a subsidiary of Ola Group, produces electric scooters and aims to revolutionize the Indian mobility market with cutting-edge technology and a robust charging infrastructure.
Recent Launches
Ola Electric has launched its new electric motorcycle series, the Roadster, featuring models like the Roadster X and Roadster X+, with prices starting at Rs. 84,999 and Rs. 1,14,999 respectively. The company unveiled these production-ready models on February 5, 2025, aiming to expand its electric vehicle lineup beyond scooters.
Financials
The company’s revenue declined by 14.5 percent from Rs. 1,371 crore to Rs. 1,172 crore in Q3FY24-25. Meanwhile, Net loss increased from Rs. 376 crore to Rs. 564 crore during the same period.
Written by Sridhar J
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
