Ola Electric slides as CCPA seeks more info in ongoing investigation

Ola Electric Mobility fell 2.60% Rs 71.51 after the firm said that the Central Consumer Protection Authority (CCPA) requested additional documents from the company as part of its ongoing investigation on 10 January 2025.

In continuation of the earlier letter received from the CCPA, dated December 04, 2024, by Ola Electric Mobility we would like to inform you that the company has received further request for information via email dated January 10, 2025, Ola stated in an exchange filing.

Earlier, on 7 October 2024, the company received a show cause notice from the CCPA for alleged violation of consumer rights, misleading advertisement and unfair trade practices. Ola Electric provided the requested information and clarifications in response to the notice to CCPA on 21 October 2024.

Ola Electric is a leading Indian EV manufacturer focused on vertical integration, overseeing the entire production process from battery cells to final vehicles. Its Futurefactory in Tamil Nadu is a key production hub, supported by global R&D efforts and the Battery Innovation Centre in Bengaluru. Ola's direct-to-customer sales model, with a vast network of physical and online stores, ensures wide accessibility and a seamless customer experience.

Ola Electric Mobility reported net loss of Rs 495 crore in Q2 FY25 as against net loss of Rs 524 crore in Q2 FY24. Revenue from operations jumped 38.39% to Rs 1,240 crore in Q2 FY25 compared with Rs 896 crore in Q2 FY24.

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