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Ola Electric shares slip 3% amid regulatory scrutiny over 'BOSS' sale discounts

Economic Times

Economic Times · 10m ago

Ola Electric shares slip 3% amid regulatory scrutiny over 'BOSS' sale discounts

Ola Electric Mobility, an electric vehicle manufacturer, has faced a 3% drop in its stock as it undergoes regulatory scrutiny from the Automotive Research Association of India (ARAI). The ARAI has raised concerns about Ola Electric's failure to inform them of a price reduction for its S1 X 2 kilowatt-hour model before launching its "BOSS" sale. This oversight may affect the model's eligibility for government subsidies and impact Ola Electric's position in the competitive EV market. Shares of Ola Electric have declined by 21.4% in the last month and 12% in the last 2 weeks.

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Ola Electric Injects INR 199 Crore into Battery Subsidiary, Approves Overdue Payables Conversion

OutlookIndia

OutlookIndia · 5m ago

Ola Electric Injects INR 199 Crore into Battery Subsidiary, Approves Overdue Payables Conversion

Ola Electric plans to inject Rs 199 crore into its battery subsidiary, Ola Cell Technologies, through the acquisition of 19.9 crore compulsory convertible preference shares (CCPS) at Rs 10 each, concluding by April 2025. Additionally, the company will convert Rs 61.2 crore of overdue payables into 6.12 crore CCPS. Ola Electric faced scrutiny from the Ministry of Heavy Industries amid discrepancies in sales figures and continues addressing inquiries and regulatory concerns.

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

Economic Times

Economic Times · 5m ago

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

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.

Ola Electric shares hit record low after unit faces insolvency petition

Economic Times

Economic Times · 5m ago

Ola Electric shares hit record low after unit faces insolvency petition

Ola Electric Mobility's shares dropped over 6% to a record low after it disclosed an insolvency petition against one of its units by creditor Rosmerta Digital Services, citing default in payments. The stock has fallen about 38% since its IPO. Ola denies the claims and seeks legal advice. Facing challenges like declining sales and regulatory scrutiny, Ola is restructuring its operations. The company posted a significant loss in the October-December quarter.

Ola Electric's IPO Shine Fades In Just 9 Months, Now It Needs New Capital - Here's Why

OutlookIndia

OutlookIndia · 3m ago

Ola Electric's IPO Shine Fades In Just 9 Months, Now It Needs New Capital - Here's Why

Ola Electric secured board approval to raise up to Rs 1,700 crore through debt instruments, just nine months post-IPO. Facing challenges like declining market valuation and competition, Ola aims to bolster finances. The company plans to issue non-convertible debentures and other securities, amid investor valuation cuts and regulatory scrutiny over sales reporting discrepancies. Ola's market share and financial performance have declined, prompting this fundraising to support expansion and operational needs.

TVS tops April monthly sales as competition tightens in electric two-wheeler segment

YourStory

YourStory · 3m ago

TVS tops April monthly sales as competition tightens in electric two-wheeler segment

In April, TVS Motor led electric two-wheeler sales with 19,749 units, overtaking rivals like Ola Electric and Bajaj Auto. Ola sold 19,709 units, and Bajaj sold 19,011 units. Ather Energy, preparing for public listing, sold 13,173 units. This competitive landscape frequently shifts, with Bajaj and Ola previously leading sales. Ola faces regulatory scrutiny over sales report discrepancies. TVS's success stems from the growing demand for its iQube Electric scooters.

Ola Electric stores see raids, seizures on flouting India rules

Economic Times

Economic Times · 5m ago

Ola Electric stores see raids, seizures on flouting India rules

Ola Electric is facing regulatory challenges amid its aggressive expansion into 4,000 physical showrooms since 2022. Over 95% of these lack necessary trade certificates mandated by India's Motor Vehicles Act. This non-compliance has led to raids, vehicle seizures, and show-cause notices. Meanwhile, Ola battles multiple crises, including a significant drop in shares, customer complaints, layoffs, and delayed product launches. Despite these challenges, Ola aims to achieve financial turnaround by increasing monthly sales.

Ola Electric plans fundraise amid market share slump, stock slide

Economic Times

Economic Times · 3m ago

Ola Electric plans fundraise amid market share slump, stock slide

Ola Electric plans to raise funds amid declining market share and stock price, with a board meeting on May 22 to consider capital through non-convertible debentures or other securities. Facing regulatory scrutiny and shrinking market share, the company lost its leadership in the electric two-wheeler segment to TVS Motor. Recent issues include sales discrepancies and vehicle quality concerns. Additionally, Ola Electric's AI arm, Krutrim, faced backlash following an employee's death, further affecting the company's reputation.

2024 year ender: Ola Electric’s rocky ride in 2024 — from IPO to controversies

Economic Times

Economic Times · 8m ago

2024 year ender: Ola Electric’s rocky ride in 2024 — from IPO to controversies

Ola Electric faced a challenging 2024, marked by its IPO launch and subsequent setbacks. Despite expanding its electric vehicle lineup and increasing operating revenue, the company dealt with declining market share, customer complaints, regulatory scrutiny, and significant senior-level departures. Ola Electric’s market share fluctuated, and it faced accusations of poor after-sales service, with over 10,000 complaints reported. As it moves toward 2025, Ola aims to address these challenges and improve profitability and customer satisfaction.

Ola Electric slips to number three in EV two-wheeler market as rivals gain ground

Economic Times

Economic Times · 3m ago

Ola Electric slips to number three in EV two-wheeler market as rivals gain ground

Ola Electric has slipped to the third spot in India’s electric two-wheeler market, trailing behind TVS Motor and Bajaj Auto, due to sales slumps and operational issues. Its market share has diminished significantly over the past year. Meanwhile, Ola faces regulatory scrutiny and financial challenges, with recent fundraising efforts underway. Despite expanding its product lineup, the company's internal problems and intense competition raise questions about sustaining its market position.

Ola Electric, Mobikwik shares fall sharply amid stock market’s bear run

Economic Times

Economic Times · 5m ago

Ola Electric, Mobikwik shares fall sharply amid stock market’s bear run

Amid a bearish trend on Dalal Street, new-age stocks like Mobikwik and Ola Electric have seen significant declines. Mobikwik's shares dropped due to the expiration of a lock-in period, falling 61% from its post-listing high. Ola Electric faced a record low amid insolvency petitions, with its stock price plummeting 60% over six months. The challenging stock market climate has been harsh on recent IPOs, affecting several tech companies' public offering prospects.

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