Ola Electric is in the spotlight after receiving a warning from India’s market regulator, SEBI, for not following important rules about sharing news. The warning, sent on January 7, points to some rules Ola Electric broke when it talked about its big plan to open more stores by December 2024. Although Ola Electric shared this news with the stock market after 1:30 PM on December 2, it was first mentioned earlier that day on social media by Bhavish Aggarwal, the company’s leader.
SEBI took this matter very seriously and advised Ola Electric to be more careful in the future. They explained that if this happens again, there could be more consequences. Ola Electric responded by saying that this warning will not affect their finances.
In other news, the Karnataka High Court gave Ola Electric an extra six weeks to reply to the Central Consumer Protection Authority (CCPA). The Court mentioned that Ola Electric must provide the documents requested by the authority. Ola Electric had faced previous issues with the CCPA due to problems related to consumer rights, but they helped resolve a large number of complaints.
According to data, the average price target for Ola Electric’s shares is Rs 97, which means it could go up by 22% from its current price. Currently, seven analysts believe that buying Ola Electric shares is a good idea. On Tuesday, Ola shares closed at Rs 79.1, which was a small increase. The stock has dropped 17% in the last month and 13% over the past three months, with a total market value of Rs 34,916 crore.
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