'not Aware': Ola Electric Clarifies On 'closure' Of 100 Showrooms In Maharashtra; Stock Tumbles 5%

Ola Electric Mobility Ltd connected Friday issued a explanation complete a news study titled "Ola Electric shares successful attraction aft Maharashtra moves to unopen unlicensed stores, prehend vehicles".

"We wish to taxable that we are not alert of immoderate specified negotiations/events regarding a announcement from nan authorities ordering contiguous closure of complete 100 showrooms successful Maharashtra," nan pure-play electrical conveyance (EV) patient stated successful an speech filing.

"Additionally, we person already informed nan exchange, via our intimation dated March 21, 2025, regarding nan receipt of notices successful 4 states pertaining to waste and acquisition certificates for definite stores located successful those states," nan Bhavish Aggarwal-led institution besides said.

The institution consequence came aft bourses BSE and NSE sought explanation from Ola regarding nan unlicensed shop closure. The Maharashtra Transport Department has reportedly ordered nan shutdown of much than 100 Ola Electric stores successful nan authorities for operating without mandatory waste and acquisition certificates.

Stock-wise, Ola Electric plunged 5.48 per cent to deed a debased of Rs 49.55. It was past seen trading 4.71 per cent up astatine Rs 49.95. At this price, nan scrip has collapsed 42.07 per cent connected a year-to-date (YTD) basis.

Technically, nan scrip traded little than nan 5-day, 10-, 20-, 30-, 50-, 100-day and 150-day elemental moving averages (SMAs). Its 14-day comparative spot scale (RSI) came astatine 59.50. A level beneath 30 is defined arsenic oversold while a worth supra 70 is considered overbought.

Around 34.06 lakh shares changed hands connected BSE astatine nan clip of penning this story, little than nan two-week mean measurement of 42.30 lakh shares. Turnover connected nan antagonistic came astatine Rs 17.26 crore, commanding a marketplace capitalisation (m-cap) of Rs 21,987.99 crore. There were 8.48 lakh waste orders against bargain orders of 4.36 lakh shares.

Founded successful 2017, Ola Electric chiefly manufactures EVs and definite halfway components specified arsenic artillery packs, motors and conveyance frames astatine nan Ola Futurefactory. As of March 2025, promoters held a 36.78 per cent liking successful nan electrical two-wheeler (E2W) player.

Published on: Apr 25, 2025 11:32 AM IST