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Ola Electric shares slide over 3% after Maharashtra orders closure of unlicensed showrooms
Ola Electric shares slide over 3% after Maharashtra orders closure of unlicensed showrooms

Economic Times

timean hour ago

  • Automotive
  • Economic Times

Ola Electric shares slide over 3% after Maharashtra orders closure of unlicensed showrooms

Regulatory scrutiny and sales slump Live Events Eroding market position (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Ola Electric Mobility slipped as much as 3.5% on Wednesday to Rs 42.60 on BSE after a report stated that the Maharashtra Transport Department had directed regional authorities to shut down the company's showrooms and service centres operating without valid trade regulatory action follows a letter dated April 16 from the state's Joint Transport Commissioner, which noted that 121 Ola Electric showrooms were found operating without the mandatory trade certificates, and 109 show-cause notices had been issued. According to The Economic Times, which cited the letter, 75 showrooms have already been shut state transport department has now instructed district-level transport offices to take immediate action. 'If the showroom or store-cum-service center of M/s Ola Electric Mobility Limited in your area of operation is conducting business without obtaining a trade certificate from the transport office, action should be taken to close that center or showroom, and its original trade certificate should be cancelled,' the letter crackdown is part of a broader enforcement drive by the Maharashtra government, which has already conducted multiple raids on Ola Electric outlets. According to the same letter, a total of 192 vehicles were seized during these regulatory headwinds come at a time when Ola Electric is already under pressure from central ministries. Last month, the company received inquiry emails from the Ministry of Heavy Industries and the Ministry of Road Transport and Highways over alleged violations related to trade certificates and discrepancies in vehicle scrutiny has coincided with a sharp deterioration in the company's operational performance. According to Vahan data cited by The Economic Times, Ola Electric has sold 69,142 electric scooters so far in 2025 — a steep drop from 1,54,297 units during the same period last year. The decline has significantly eroded the company's market share in the electric two-wheeler Electric's market share has declined sharply from 33.4% to 19.6% year-on-year, after selling 60,500 units in the first quarter of FY26. The company has ceded ground to rivals TVS Motor, Bajaj Auto, and IPO-bound Ather Energy, all of whom outpaced Ola in June follows an earlier compliance concern this year, when a gap between reported sales of 25,000 units and only 8,500 actual registrations raised fresh questions about the company's disclosure company's financial performance has also shown signs of stress. In Q1 FY26, net loss widened to Rs 428 crore, up from Rs 347 crore in the same quarter last year. Revenue halved to Rs 828 crore, compared to Rs 1,644 crore in Q1 FY25.

UP schools to remain shut from 16 to 23 July due to Kanwar Yatra rush
UP schools to remain shut from 16 to 23 July due to Kanwar Yatra rush

Business Standard

time2 hours ago

  • Business Standard

UP schools to remain shut from 16 to 23 July due to Kanwar Yatra rush

As the annual Kanwar Yatra gathers momentum across northern India, several districts in Uttar Pradesh have temporarily shut schools to manage the surge in pilgrims and ensure student safety, reported The Economic Times. The yatra, held during the Hindu month of Shravan, sees thousands of Kanwariyas walking for days to collect sacred water for Shiva temples, resulting in heavy road congestion and major traffic diversions. Meerut, Muzaffarnagar shut schools amid Kanwar rush In response to the increasing number of devotees, district administrations have taken preventive measures, including rerouting vehicles, deploying security personnel, and shutting down educational institutions to avoid accidents and ease pressure on road infrastructure. Leading the way, Meerut and Muzaffarnagar have announced a full suspension of classes from 16 July to 23 July 2025, covering all schools and colleges, including government, private, CBSE, ICSE, technical, and DIET institutions. Meerut District Magistrate V K Singh told The Economic Times that the growing influx of Kanwariyas during this period required steps to safeguard students and ensure smooth traffic management. Other UP districts adopt staggered holiday schedules In Varanasi, an important pilgrimage hub en route to the Kashi Vishwanath temple, authorities have declared a holiday on 14 July, the first Monday of Shravan. District Inspector of Schools Bholenath Pratap Singh confirmed that all missed classes will be compensated on a Sunday, reported The Economic Times. Bareilly has opted for a phased approach, declaring school holidays on all four Mondays of Shravan. However, schools located near Delhi Road and Badaun Road must remain staffed, even though students will be allowed to stay home. Examinations will continue as scheduled. In Badaun, primary schools will remain closed every Saturday and Monday throughout Shravan, a move aimed at minimising road congestion and shielding young students from high-traffic zones. Kanwar Yatra prompts coordinated school closures The widespread closures come as part of a broader strategy across Uttarakhand, Uttar Pradesh, Bihar, Jharkhand, Haryana, and Delhi, where the Kanwar Yatra brings massive footfall. Cities like Haridwar, Varanasi, and Deoghar see particularly dense gatherings. Each year, local administrations implement traffic diversions, erect barricades, and deploy extra security forces to manage crowds and maintain public order.

Ola Electric shares slide over 3% after Maharashtra orders closure of unlicensed showrooms
Ola Electric shares slide over 3% after Maharashtra orders closure of unlicensed showrooms

Time of India

time3 hours ago

  • Automotive
  • Time of India

Ola Electric shares slide over 3% after Maharashtra orders closure of unlicensed showrooms

Shares of Ola Electric Mobility slipped as much as 3.5% on Wednesday to Rs 42.60 on BSE after a report stated that the Maharashtra Transport Department had directed regional authorities to shut down the company's showrooms and service centres operating without valid trade certificates. The regulatory action follows a letter dated April 16 from the state's Joint Transport Commissioner, which noted that 121 Ola Electric showrooms were found operating without the mandatory trade certificates, and 109 show-cause notices had been issued. According to The Economic Times, which cited the letter, 75 showrooms have already been shut down. The state transport department has now instructed district-level transport offices to take immediate action. 'If the showroom or store-cum-service center of M/s Ola Electric Mobility Limited in your area of operation is conducting business without obtaining a trade certificate from the transport office, action should be taken to close that center or showroom, and its original trade certificate should be cancelled,' the letter stated. The crackdown is part of a broader enforcement drive by the Maharashtra government, which has already conducted multiple raids on Ola Electric outlets. According to the same letter, a total of 192 vehicles were seized during these operations. Regulatory scrutiny and sales slump The regulatory headwinds come at a time when Ola Electric is already under pressure from central ministries. Last month, the company received inquiry emails from the Ministry of Heavy Industries and the Ministry of Road Transport and Highways over alleged violations related to trade certificates and discrepancies in vehicle registrations. This scrutiny has coincided with a sharp deterioration in the company's operational performance. According to Vahan data cited by The Economic Times, Ola Electric has sold 69,142 electric scooters so far in 2025 — a steep drop from 1,54,297 units during the same period last year. The decline has significantly eroded the company's market share in the electric two-wheeler segment. Eroding market position Ola Electric's market share has declined sharply from 33.4% to 19.6% year-on-year, after selling 60,500 units in the first quarter of FY26. The company has ceded ground to rivals TVS Motor, Bajaj Auto, and IPO-bound Ather Energy, all of whom outpaced Ola in June sales. This follows an earlier compliance concern this year, when a gap between reported sales of 25,000 units and only 8,500 actual registrations raised fresh questions about the company's disclosure practices. The company's financial performance has also shown signs of stress. In Q1 FY26, net loss widened to Rs 428 crore, up from Rs 347 crore in the same quarter last year. Revenue halved to Rs 828 crore, compared to Rs 1,644 crore in Q1 FY25. Also read | Maharashtra transport department cracks down on Ola Electric showrooms operating without trade certificates ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) ETMarkets WhatsApp channel )

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