Indian stock market regulator SEBI has reprimanded Ola Electric Mobility Limited for announcing its expansion plan on social media before the exchange.
According to the exchange filing, on January 7, SEBI warned the company through e-mail for violating several sections of the ‘Listing Obligation and Disclosure Requirement’ Regulations 2015, among other things.
In fact, on December 2, 2024 at 9:58 am, Ola Electric founder Bhavish Aggarwal posted a video on the social media platform X announcing the company’s plan to increase its sales network fourfold by December 20. At the same time, the Bombay Stock Exchange was informed about it at 1:36 pm and the National Stock Exchange at 1:41 pm.
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Ola Electric: SEBI asked to improve compliance standards
SEBI has written in its warning letter that these violations have been taken very seriously. You are warned and advised to be careful in future and improve your compliance standards to avoid repeating such incidents, otherwise appropriate enforcement action can be taken.
Ola Electric shares fell by 0.24% Ola Electric Mobility shares closed down 0.24% at Rs 78.97 today. In the last 1 month, this stock has given a negative return of 14.40%. Ola Electric shares were listed on BSE-NSE on August 9. Its initial public offer i.e. IPO was open from August 2 to August 6.
Ola Electric was founded in 2017
Bengaluru-based Ola Electric Mobility was founded in 2017. The company mainly manufactures electric vehicles, battery packs, motors and vehicle frames at the Ola Future Factory. As of March 31, 2024, the company had 959 employees (907 permanent and 52 freelancers).
