Ola Electric Mobility Ltd issued a formal clarification on Friday following media reports that the Maharashtra Transport Department had moved to shut down over 100 of its showrooms for operating without the required trade certificates. The company stated in an exchange filing that it is “not aware of any such negotiations/events” regarding an official notice from the authorities ordering the immediate closure of its outlets in the state.
The clarification came after stock exchanges BSE and NSE sought an explanation from Ola Electric in response to the circulating reports. The Bhavish Aggarwal-led EV manufacturer emphasized that it had already disclosed, through a filing dated March 21, 2025, the receipt of notices in four states concerning trade certificates for certain stores operating there.
Despite the company’s clarification, Ola Electric’s stock took a significant hit, plunging 5.48% to a low of ₹49.55 during intraday trade. It later recovered slightly to ₹49.95, still marking a 4.71% drop. On a year-to-date (YTD) basis, the stock has declined by a steep 42.07%.
From a technical perspective, the scrip traded below all major short- and long-term simple moving averages (SMAs)—including the 5-, 10-, 20-, 30-, 50-, 100-, and 150-day SMAs. Its 14-day Relative Strength Index (RSI) stood at 59.50, indicating neutral momentum as it remains below the overbought threshold of 70 and above the oversold level of 30.
At the time of reporting, about 34.06 lakh shares were traded on the BSE—lower than the two-week average volume of 42.30 lakh shares. The total turnover amounted to ₹17.26 crore, and the company commanded a market capitalization of ₹21,987.99 crore. Notably, sell orders far outnumbered buy orders, with 8.48 lakh shares on the sell side versus 4.36 lakh on the buy side.
Founded in 2017, Ola Electric manufactures electric vehicles (EVs) and key components such as battery packs, motors, and vehicle frames at its Ola Futurefactory. As of March 2025, the company’s promoters held a 36.78% stake in the electric two-wheeler (E2W) firm.
