MUMBAI: The markets regulator SEBI has issued an administrative warning to electric two-wheeler maker Ola Electric Mobility for violating disclosure norms. The company went public last August in a successful initial share sale raising Rs 6,145.56 crore but since then has been losing its market share badly, which went to Bajaj and TVS.
Following the news Ola Electric shares tanked 4 per cent to Rs 76.14 but later recovered and closed flat at Rs 79.54.
The SEBI warning came Wednesday after Bhavish Aggarwal, the chairman and managing director of the firm, had on December 2, 2024 shared details of Ola’s plans for a four-fold expansion of its retail points on a social media platform, and not after disclosing to the exchanges.
However, the regulator observed that the aforesaid information was not first disclosed to the exchanges and the disclosure was not made on the stock exchanges as soon as reasonably possible.
“By making the aforesaid announcement first on a social media platform instead of disseminating it on the exchanges, Ola Electric failed to take into consideration the interest of all its stakeholders and follow its obligations in letter and spirit,” SEBI said.