Ola Electric Gets A Third Letter From CCPA As Regulatory Pressure Mounts
Earlier, Karnataka High Court granted an extension of six weeks for Ola Electric to submit a response to a previous CCPA letter.
India’s consumer rights regulator has shot off a third letter to Ola Electric Mobility Ltd., underscoring the mounting regulatory pressure on India’s former largest electric two-wheeler maker.
In continuation of the earlier letter received from the Central Consumer Protection Authority dated Dec. 4, 2024, by Ola Electric, we would like to inform you that the company has received a further request for information via email dated Jan. 10, 2025,” according to an exchange filing on Friday. The company did not disclose the nature of the information sought but said that there are no financial implications.
Earlier on 7 January 2024, Ola Electric informed the exchanges that the Karnataka High Court had granted an extension of six weeks for Ola Electric to submit a response to a previous CCPA letter.
On Friday, Ola Electric shares fell 2.95% to Rs 73.42 apiece on the BSE even as the benchmark Sensex ended the day 0.31% lower at 77,378.91 points.
