Ola Electric Mobility Ltd.'s share price fell in early trade on Monday after the company received a third letter from India's consumer rights regulator last week.
"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 Jan. 4, 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.
The Bhavish Aggarwal-led company has previously been rapped by the Securities and Exchange Board of India for announcing its expansion plans on social media first and not on the exchanges.
Ola Electric Mobility Share Price
Ola Electric share price fell as much as 3.8% to Rs 70.60 apiece. It was trading 2% lower at Rs 71.92 apiece, as of 9:25 a.m. This compares to a 0.8% decline in the benchmark NSE Nifty 50.
It has fallen 20.6% since its listing date in August 2024. Total traded volume so far in the day stood at double its 30-day average. The relative strength index was at 26.
Out of seven analysts tracking the company, five maintain a 'buy' rating, and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target of Rs 93.17 implies an upside of 31%.
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