Mumbai7 hours ago
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On April 22, 121 stores were directed to take action in Maharashtra due to lack of trade certificate.
SEBI has initiated an investigation into allegations of insider trading against Ola Electric. According to NDTV report, Ola Electric has violated the rules in Insider Trading and Related Party Deals between October-December 2024.
At the same time, Ola has described these allegations as wrong and factless. The case came to light when Ola has already been accused of disturbances in the February 2025 sales report. In fact, in February 2025, the company claimed that it sold 25,000 electric vehicles and got 28% market share in electric two-wheelers.
But according to the data recorded on the official website Vahan, only 8,600 vehicles of Ola were registered in February. SEBI is investigating this big difference.
Union Ministry of Transport has also given notice
Earlier on 25 April, the Union Ministry of Transport issued a show-cose notice to Ola. The ministry had sought answers to several important questions within 7 days.
In the notice, Ola asks for answers to these questions
- Details of sales-service center: Ola will have to tell the number of sales and service centers across the country, the details of trade certificates issued in the last 3 years and their dates.
- Sales information in February: Ola will also have to give models and variant-wise details of 7,820 electric scooters sold in the month of February.
- Non -registarded vehicle: The ministry has asked whether the centers of Ola have been kept so far without registration?
On 22 April, 121 stores were directed to take action in Maharashtra
Three days ago, the Transport Department in Maharashtra has directed to close 121 stores of Ola. The Transport Department had examined 146 stores of Ola, out of which more than 121 stores were running without a trade certificate.
In fact, last month, RTO raided several stores of Ola in Maharashtra. Due to lack of trade certificate on the stores, 192 vehicles were seized and show cause notices were given.
Ola Electric share dropped 46% in 1 year
On Friday, Ola electric shares closed at Rs 48.53 with a Girwat of 0.33%. Ola shares have fallen more than 10% in a month. At the same time, the stock has broken more than 45% in the last one year. The market capital of Ola is 22.14 thousand crores.
Red was 4 times on Ola’s store
RTO action was taken across the country at Ola’s stores. So far, 32 stores in Maharashtra and Madhya Pradesh have been red. Apart from this, action has also been taken on some stores in Rajasthan. More than 50 electric vehicles have been seized in this.
- 8 March- Several stores of Ola were raided across the country. Due to lack of trade certificate, several stores were sealed, electric vehicles were seized.
- March 12- RTO killed 2 stores in Jabalpur, Madhya Pradesh. Transport officials seized 14 electric vehicles during this period.
- March 18- Raided 4 stores in Indore. Due to lack of trade certificate, a show cause notice was given.
- 17 to 19 March- It was raided at 26 stores in Mumbai and Pune, Maharashtra. In this, 36 vehicles were seized and notices were given.
Action after complaints from other companies
Pratap Singh and Associates Company of Gurugram had filed a complaint against Ola Electric and some other companies for not having a trade certificate. After the complaint, transport officials of Maharashtra took action.
Ola Electric said- Red’s action is wrong and biased
On the action of Red, a spokesman for Ola Electric had said that no vehicle has been seized. Earlier, Ola described the investigation as wrong and biased. The spokesperson had said that there are inventory of unregistered vehicles in Ola’s distribution centers and warehouses in many states.
These motor vehicle acts fully follow the guidelines of the Act and the necessary approvals exist. The company did not give any information about the red on the stores.
