Ola electric under scrutiny over mismatching sales and registration data report
Ola Electric is currently facing increased regulatory scrutiny with the Ministry of Heavy Industries seeking details about discrepancies between the its reported sales and actual vehicle registrations.This is because the company claimed to have sold 25,000 vehicles in February, though only 8,600 were registered as per the Vahan Portal., according to a CNBC-TV18 report.
HT.com cannot independently verify the authenticity of the information contained in the report.
As part of the probe, Maharashtra RTO officials inspected multiple Ola showrooms across the state, according to the report which added that they looked to see if the vehicles had necessary documentation and were being sold with a valid trade certificate.
However, 36 scooters were seized in Mumbai and Pune due to non-compliance issues, according to the report.
The crackdown even extended to Punjab where multiple Ola showrooms have reportedly been shut down.
In Jabalpur as well, RTO authorities issued notices to Ola Electric after it found unregistered scooters being sold without a valid trade certificate, according to the report.
How did Ola Electric shares perform?
At 3 pm IST, Ola Electric Mobility Ltd shares were trading at ₹52.20 on the Bombay Stock Exchange (BSE). This was a drop of 3.01% or ₹1.62.
The intraday low was ₹51.64 while the high was ₹54.45.
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