SEBI Probing Ola Electric Over Discrepancies In Feb Sales Data

The Securities and Exchange Board of India (SEBI) is reportedly probing Ola Electric over alleged discrepancies in the electric vehicle (EV) maker’s sales disclosures for the month of February 2025. 

Sources told CNBC-TV18 that the market regulator is also reviewing Ola Electric’s clarifications regarding the February sales data as well past filings for any potential discrepancies. As per the report, SEBI is reportedly assessing whether investors were “shortchanged” due to any misleading or inaccurate disclosures made by the company. 

Any adverse outcome from the SEBI’s probe could have serious implications for Ola Electric’s regulatory standing and investor confidence.

At the heart of the matter is Ola Electric’s filings with the exchanges on February 28, where the company claimed that it sold over 25,000 electric two-wheelers during the month. However, the government’s VAHAN portal showed only about 8,600 registrations for the same period. 

At the time, the EV manufacturer attributed the mismatch to a “temporary” backlog in registrations due to the termination of contracts, part of a larger restructuring drive, with vendors responsible for handling the registration process. 

The aftermath saw the Ministry of Road Transport and Highways (MoRTH), last month, questioning Ola Electric over allegations that the EV maker counted bookings of electric scooters and motorcycles that were to be rolled out in its February sales.

As per a report, Ola Electric informed the ministry that its February sales figures included customer bookings for 10,866 Gen3 escooters and 1,395 Roadster X motorcycles. At the time, the company was yet to roll out Roadster motorcycles while deliveries of Gen3 escooters only commenced in March. These two categories accounted for nearly half of 25,207 “confirmed orders” in February. 

Subsequently, the company clarified that the February 2025 sales announcements were based on paid and confirmed orders, not “preliminary bookings”. However, MoRTH has directed Ola to revise its sales figures to reflect only invoiced and delivered vehicles or brace for “adverse action”.

Ola Electric’s Many Troubles

Alongside the transport ministry, Ola Electric is also said to be under the lens of the Ministry of Heavy Industries for discrepancies in its sales figures and actual vehicle registrations for the month. 

The company has been torn by troubles for the past few months. The EV maker’s attempts to renegotiate its contracts with vendors to trim costs went sideways as one of the agencies – Rosmerta Digital Services – filed for bankruptcy proceedings against Ola Electric’s subsidiary for allegedly defaulting on its payment obligations. 

On March 25, the company settled its pending dues with the vehicle registration service provider Rosmerta, leading to the withdrawal of insolvency petitions previously filed against it. The company has also been under the radar of authorities for reportedly operating more than 90% of its outlets without necessary trade certificates.

The ongoing troubles for the company have triggered a freefall for its share prices in recent times. The EV maker’s stock is down more than 41% on a year-to-date (YTD) basis and dipped to an all-time low of INR 45.55 during intraday trading on April 7.

Shares of Ola Electric were trading 1.23% higher at INR 50.18 on the BSE on Tuesday (April 28).