Ola Electric slips 3% after CCPA soughts additional documents & information

Ola Electric shares lost 3 per cent on Friday and logged an intraday low of Rs 95.5 per share. The stock slipped after the Central Consumer Protection Authority (CCPA) sought additional documents and information from Ola Electric with regard to the show cause notice issued in October related to 10,644 complaints.

 

Around 12:46 PM, Ola Electric share price was down 2.54 per cent at Rs 96 per share. In comparison, the BSE Sensex was up 0.08 per cent at 81,829.4. The market capitalisation of the company stood at Rs 42,343.97 crore. The 52-week high of the stock stood at Rs 157.53 per share and 52-week low of the stock stood at Rs 66.6 per share.

 

"We would like to inform you that the company has received further communication from the CCPA via email dated December 4, 2024, seeking additional documents and information in relation to the previous response submitted by the company" the filing read. 

 

It further said: The CCPA has provided a timeline of 15 days for the company to submit the response in respect of seeking additional documents and information. Ola Electric said that it would ensure a timely response within the specified timeframe.

 

Ola Electric is an Indian electric vehicle (EV) manufacturer, part of the Ola Group, founded in 2017 and headquartered in Bengaluru. The company focuses on electric scooters, with its flagship models, the Ola S1 and Ola S1 Pro, offering advanced features like AI capabilities, connectivity, and long battery range. 

 

Ola Electric’s mission is to promote sustainability by providing eco-friendly alternatives to traditional fossil fuel-powered vehicles. The company operates a large-scale manufacturing plant, Ola Futurefactory, in Tamil Nadu, which is one of the largest automated EV production facilities globally. Ola Electric is also expanding its footprint internationally and is working to develop a robust network of fast-charging stations called the Ola Hypercharger Network. 

 

Beyond scooters, the company plans to diversify into electric cars and other forms of electric mobility to further its goal of transforming the transportation landscape.