Ola Electric Mobility Ltd on Thursday said it received another showcause notice from the Central Consumer Protection Authority (CCPA), seeking additional documents and information in relation to the handling of consumer complaints.
"With reference to our previous intimation to the exchange dated October 07, 2024 and October 21, 2024, regarding the intimation of Show Cause Notice received by Ola Electric Mobility Limited (“the Company”) from the Central Consumer Protection Authority (“CCPA”), we would like to inform you that the Company has received further communication from the CCPA via email dated December 04, 2024, seeking additional documents and information in relation to the previous response submitted by the company," the Bhavish Aggarwal-led company stated in a BSE filing. The consumer protection authority has given Ola Electric 15 days to file its response.
"The CCPA has provided a timeline of 15 days from the date of email communication for the Company to submit the response in respect of seeking additional documents and information. The Company will ensure a timely response within the specified timeframe," the pure-play electric vehicle (EV) firm added. The two-wheeler EV maker was facing several service-related issues in the recent past.
The company's exchange filing mentioning the CCPA notice came post-market hours today.
Earlier in the day, Ola Electric shares edged up 0.11 per cent to settle at Rs 98.50. At this price, the stock has recovered 47.90 per cent from its all-time low value of Rs 66.60, a level seen last month on November 22.
Bourses BSE and NSE have put the securities of Ola Electric under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
"ASM framework is in conjunction with all other prevailing surveillance measures being imposed by the exchanges from time to time and as may be applicable. Further, it may also be noted that the shortlisting of securities under ASM is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company," BSE stated.
Founded in 2017, Ola Electric is a pure-play EV player that primarily manufactures electric vehicles and certain core EV components such as battery packs, motors and vehicle frames at the Ola Futurefactory.
As of September 2024, promoters held a 36.78 per cent stake in the E2W player.