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Indian stock market regulator SEBI has reprimanded Ola Electric Mobility Limited for announcing its expansion plans on social media before the exchange.
According to exchange filings, on January 7, SEBI warned the company through e-mail for violating several sections of the ‘Listing Obligation and Discourse Requirements’ Regulations 2015, among other things.
In fact, on December 2, 2024, at 9:58 am, Ola Electric founder Bhavish Aggarwal posted a video on social media platform At the same time, this information was given to Bombay Stock Exchange at 1:36 pm and to National Stock Exchange at 1:41 pm.
SEBI asked to improve compliance standards
SEBI has written in its warning letter that these violations have been taken very seriously. You are cautioned and advised to be cautious in future and improve your compliance standards to avoid repetition of such incidents, failing which appropriate enforcement action may be taken.
Ola Electric shares fell by 1.51%
Currently, Ola Electric shares are trading at Rs 77.94 with a decline of 1.51%. This stock has given a negative return of 15.23% in the last 1 month. Ola Electric’s shares were listed on BSE-NSE on 9 August. Its initial public offer i.e. IPO was open from August 2 to August 6.
Ola Electric shares were trading at Rs 77.94 with a decline of 1.51%.
Ola Electric was established in 2017
Bengaluru-based Ola Electric Mobility was founded in 2017. The company mainly manufactures electric vehicles, battery packs, motors and vehicle frames at the Ola Future factory. As of March 31, 2024, the company had 959 employees (907 permanent and 52 freelancers).
