‘Not aware': Ola clarifies on reports claiming Maharashtra govt's order to close 100 Ola Electric stores
Ola Electric on Friday clarified about a news article titled 'Ola Electric shares in focus after Maharashtra moves to shut unlicensed stores, seize vehicles', saying that the company was not aware of such developments.
In an exchange filing, Ola Electric Mobility Ltd. said that it was not aware of events regarding a notice from the Maharashtra government that it was asked to shut down 100 stores immediately.
'We wish to submit that we are not aware of any such negotiations/ events regarding a notice from the authorities ordering immediate closure of over a 100 showrooms in Maharashtra,' the Bhavish Aggarwal-led company said.
It further clarified about the receipt of notices from four states for trade certificates of some stores located there.
'Additionally, we have already informed the exchange, via our intimation dated March 21, 2025, regarding the receipt of notices in four states pertaining to trade certificates for certain stores located in those states,' Ola said.
The company also noted that it was not aware of any information that has not been announced on stock exchanges.
'We would like to submit that we are not aware of any information that has not been announced to the exchanges which could explain the movement in the trading of equity shares of the Company,' it said.
'We submit that there is no material impact of this article on the Company,' Ola Electric added.
Reports in the media earlier this week stated that Maharashtra authorities are moving to shutter at least 121 of Ola Electric's nearly 450 stores in the country's largest electric two-wheeler market over missing vehicle sales permits.
The joint transport commissioner of Maharashtra has asked local transport authorities to close all 121 stores operating without trade certificates.
Mint had reviewed the copy of the alleged letter.
As per the letter, 75 of these 121 stores have already been closed and the local authorities have been asked to close the remainder.
Shares of Ola Electric Mobility Ltd closed 5.13 per cent lower on the NSE during Friday's trade at ₹ 49.72 apiece.
On BSE, the shares closed 4.86 per cent lower at ₹ 49.87 apiece.
First Published: 25 Apr 2025, 07:22 PM IST
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