Ola Electric Mobility Ltd witnessed a largely flat trading session on Tuesday, even as reports surfaced suggesting that the Securities and Exchange Board of India (SEBI) is scrutinizing the accuracy of the company’s sales data disclosures for February 2025.
The electric vehicle (EV) maker had previously attracted attention when data from the Ministry of Road Transport’s VAHAN portal indicated that Ola Electric sold only 8,600 units in February—significantly down from its January market share of 25% to just 11.4%. However, the company’s regulatory filings to the stock exchanges painted a starkly different picture, claiming sales of 25,000 units and a market share of 28% during the same period.
This discrepancy led to inquiries from both the Ministry of Heavy Industries and the Ministry of Road Transport and Highways (MoRTH), seeking clarification on the large gap between registered vehicles (as per VAHAN) and sales figures disclosed by Ola Electric.
Adding to the scrutiny, the company also received notices in four states concerning trade certificates for several of its retail stores. Ola Electric stated that it is in the process of responding to these notices.
As of Tuesday, Ola Electric’s shares traded at ₹49.53 on the Bombay Stock Exchange (BSE), reflecting a marginal decline of 0.08%. The stock has already seen a 42% drop in its market value in 2025.
In an attempt to clarify the confusion, Ola Electric later issued press statements claiming that the February numbers were genuine and based on actual customer demand. The company attributed the temporary backlog in registrations to ongoing negotiations with vendors responsible for the registration process.
Ola emphasized that nearly 90% of the orders during February were fully paid at the time of placement. These included purchases of their new models, the Gen 3 and Roadster X, both of which were available for full purchase (not just pre-booking) during the month.
The EV firm further explained that deliveries are systematically scheduled based on confirmed, fully paid orders—a practice widely accepted in the automotive industry. Ola Electric argued that equating bookings to fully paid orders or expecting deliveries to immediately follow order placement misrepresents standard automotive business practices.
Moreover, the company clarified that it only recognizes revenue upon completion of both vehicle registration and delivery, in line with standard accounting principles.
