Shares of Ola Electric jumped 5.18 per cent to hit an all-time high of Rs 54.34. Despite this, the stock has declined 32.04 per cent so far this year and 59.34 per cent in the last six months. Ola Electric said the backlog of vehicles is being addressed quickly.
Shares of electric vehicle (EV) company Ola Electric Mobility Ltd jumped 5 per cent in Friday trade after the company addressed concerns about misleading reports about its February 2025 sales.
The Bhavish Aggarwal-led company clarified that its sales remained strong and the temporary backlog of vehicles in February was due to ongoing discussions with vendors handling vehicle registrations.
The stock jumped 5.18 per cent and hit a high of Rs 54.34. Despite this, the stock has declined 32.04 per cent so far this year and 59.34 per cent in the last six months.
Ola Electric informed that it has received inquiries from India’s Ministry of Road Transport and Highways (MORTH), Ministry of Heavy Industries and authorities from four states and is actively working to respond to these requests.
In a statement filed with the BSE and NSE, Ola Electric informed that the backlog is being addressed quickly, with daily registrations now exceeding 50 per cent of average daily sales over the last three months. It further said that 40 per cent of the February backlog has been resolved and the remaining issues should be resolved by the end of March 2025.
The company stressed that this situation is only a temporary registration delay, yet certain media outlets and other parties have misrepresented it as a regulatory issue through misinformation and defamation campaigns.
Ola explained that the situation worsened when it terminated contracts with two nationwide vendors managing the registration process, as part of its strategy to streamline operations and improve profitability.
The company emphasised that a coordinated effort has been made to avoid confusion and unnecessary scrutiny. Its priority is to resolve the backlog efficiently while maintaining transparency and reliability for its customers. In another filing, Ola Electric confirmed receiving emails from the Ministry of Heavy Industries on March 11, 2025, and MORTH on March 18, 2025.
The company stressed that there is no regulatory or legal action currently underway against it. The queries relate to the disparity between vehicle registration data on the VAHAN portal and the sales numbers reported by the company for February 2025, as well as media reports about non-compliance with the requirement of trade certificates.
Ola Electric also mentioned receiving notices from four states regarding trade certificates for some of its stores in these areas and said it is addressing these issues. Earlier this month, Nomura observed that Ola Electric sold 8,600 units in February, according to vehicle data, which showed a significant drop in its market share from 25% in January 2025 to 11.4%.
However, Ola Electric reported sales of 25,000 units in February, with a 28% market share. In addition, the company recently launched the Roadster X Series, its new line of electric motorcycles.
Prices for the Roadster X Series start at Rs 74,999 for the Roadster X, Rs 1,04,999 for the Roadster X+ 4.5kWh, and Rs 1,54,999 for the Roadster X+ 9.1kWh
