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. Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, August 15, 2023. 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. 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.
Ola Electric share price tanks 56% in under 5 months, 71% in 8 months. More pain ahead?
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