Ola Electric share price slips 3% as ARAI questions co’s pricing practices
Source: Business Standard
Ola Electric, OLA(Photo: Shutterstock)
Ola Electric Mobility shares declined 3.2 per cent in Monday morning deals to log an intraday low of Rs 87.34 per share. The shares of India’s largest electric two-wheeler manufacturer slipped after the company’s recent pricing practices came under the lens of the Automotive Research Association of India (ARAI).
ARAI is an automotive testing agency operating under the Ministry of Heavy Industries.
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ARAI has asked Ola Electric to provide clarification regarding its failure to inform it about a price reduction for its S1X 2kWh model before the launch of the ‘BOSS’ sale as soon as possible.
“Clarification has been requested. If any violations are found, action will be taken in accordance with the law and the scheme guidelines,” said a senior official aware of the developments. READ MORE
These complaints, despite being escalated to higher levels of the company for redressal, remained unaddressed, as per reports. READ MORE
The company posted a loss for the June quarter at Rs 347 crore against Rs 267 crore a year ago. Its revenue for the quarter under review stood at Rs 1,644 crore against Rs 1,243 crore.
Since its listing on August 9, 2024, Ola Electric shares have lost 1 per cent, compared to the BSE Sensex’s rise of 2 per cent during the same period.
First Published: Oct 14 2024 | 11:40 AM IST
