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Ola Electric shares drop 5% following report of raids and seizures over rule violations

Economic Times · 4m ago

Medial

Ola Electric Mobility shares fell 5% following reports of regulatory raids and seizures. Alleged violations include operating showrooms without required trade certificates under the Motor Vehicles Act. Despite responding that the findings were "misplaced," Ola faces investigations by transport authorities. The company expanded to 4,000 stores, though data indicates many lack necessary certification. This comes amid customer complaints and regulatory scrutiny. The shares, already on a downward trend, closed nearly 5% lower.