Ola Electric Says ‘Not Aware’ Of Closure Action Against Stores In Maharashtra

Ola Electric Mobility Ltd. is “not aware” of a closure notice against its stores in Maharashtra, a move that sent its stock into a tailspin on Friday.

“We are not aware of any such negotiations/events regarding a notice from the authorities ordering immediate closure of over 100 showrooms in Maharashtra,” the Bengaluru-based electric two-wheeler maker said in an exchange filing on Friday. “Additionally, we’ve already informed the exchange, via our intimation dated March 21, 2025, regarding the receipt of notices in four states pertaining to trade certificates for stores located in those states.”

“Ola Electric remains fully committed to compliance and will continue to promptly disclose any material information to the exchanges, in accordance with regulatory requirements.”

On April 21, NDTV Profit reported that Maharashtra’s transport department has told regional transport offices to shut Ola Electric stores operating without a trade certificate.

If a store or service centre of Ola Electric Mobility Ltd. is operational under an RTO without a trade certificate, “action should be taken to close that centre and original trade certificate should be cancelled,” Maharashtra's joint transport commissioner said in a show cause notice to RTOs in an email dated April 16, 2025. The RTOs had one day to act and report the closures.

NDTV Profit has seen a copy of the show-cause notice.

Maharashtra’s RTOs have so far inspected 146 Ola Electric stores in the state, according to the Google Sheet attached with the April 16 show-cause notice. Of them, 121 were found to be operating without a trade certificate and 75 of them have been shut so far. A total of 192 scooters have been seized since the inspections started last month.

“Your claims regarding our stores in Maharashtra are speculative, incorrect and misplaced,” an Ola Electric spokesperson had said in an emailed response to NDTV Profit's queries on Monday. “We continue to work closely with the concerned authorities in Maharashtra to address any specific queries or concerns.”