Ola Electric Mobility Limited has responded to recent media reports suggesting that the company's shares slipped 3 per cent due to scrutiny over discounts on its Ola S1 X 2KWh electric scooter. The company clarified that while a limited-time festive campaign is running, there has been no change in the official price of the scooter.
In a letter addressed to the Bombay Stock Exchange (BSE), Ola Electric explained the details behind the discounts, which sparked speculation. The company confirmed that they are offering a ₹5,000 general discount to all customers for a limited time during the festive season. Additionally, a higher discount of ₹25,000 is being offered to a select few customers, but this offer applies only to a limited inventory.
The statement reads, "We have not changed the price of Ola S1 X 2KWh; and we are running a very limited time festive campaign for a brief period where we are giving a general discount of Rs 5,000 to every customer and higher discount of Rs 25,000 to only a few customers and that too only with very limited inventories."
No price change, just limited-time discounts The scrutiny began when the Automotive Research Association of India (ARAI) inquired whether the Ola S1 X 2KWh model was being sold at ₹49,999. Ola Electric responded to ARAI, stating that the scooter’s price remains unchanged. They emphasised that the larger ₹25,000 discount, which brought the price down significantly, was only applicable to a few units of limited stock.
Ola also provided supporting documentation to ARAI, including an invoice dated October 6, 2024, and a screenshot from the Ola app showing that the price had not been adjusted and that the higher discount was part of a controlled promotional offer.
In its response to the BSE, Ola Electric further clarified that there is no undisclosed information that would account for the recent movement in the company’s share price. All mandatory disclosures under SEBI regulations have been made, the company assured.
Addressing concerns about the media reports affecting the company’s stock price, Ola stated that the reports have no material impact on the business.