Ola Shares Dip amid Regulator Probe

14 Oct 2024 , 01:31 PM

Shares of electric vehicle (EV) manufacturer Ola Electric Mobility fell 3% in an intraday session to a day’s low of Rs 87.34 on the BSE as the company faces regulatory scrutiny from the Automotive Research Association of India (ARAI) over its recent pricing strategies, according to Business Standard.

According to the article, the ARAI is concerned that Ola Electric failed to notify the agency of a price drop for its S1 X 2 kilowatt-hour model before to launching its high-profile “BOSS” offer.

This mistake may jeopardise the model’s eligibility for government subsidies under the PM Electric DRIVE Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) plan, threatening the company’s position in the competitive EV market.

Ola Electric launched its “BOSS 72-hour Rush” sale on Thursday, offering customers substantial discounts on the S1 electric scooter portfolio as part of the company’s largest Ola season promotion.

Notable discounts included prices as low as Rs 49,999 for the S1 X 2kWh model.

For feedback and suggestions, write to us at [e-mail]