Ola Electric Mobility Ltd is being investigated by the Securities and Exchange Board of India (Sebi) for possible problems with its February 2025 sales data. The market regulator is reportedly examining the company's stock exchange filings to make sure the disclosures were reasonable and truthful.
The company found itself in trouble after officials determined substantial discrepancies between the sales data the company reported and figures stored in the VAHAN government portal.
The VAHAN records indicated Ola Electric made only 8,600 electric two-wheeler sales during February 2025. During February the firm lost 80% of its market share which dropped from 25% to 11.4%.
Ola Electric reported in their stock exchange reports a 28% market share alongside 25,000 units sold during that same month.
A disparity between registration figures led the Ministry of Heavy Industries together with the Ministry of Road Transport and Highways (MORTH) to question Ola Electric via official email.
Ola Electric has also received notices from four states regarding the use of trade certificates at a few of its stores. The company had previously stated that it was in the process of responding to these notifications.
Despite the news, Ola Electric's stock remained relatively flat on Tuesday. It closed at Rs 49.53 on the Bombay Stock Exchange (BSE), down only 0.08%. However, the company's stock has lost approximately 42% of its value thus far in 2025.
In response to the data gap, Ola Electric stated in a press release that its February sales were strong and real. The company stated that the lower registration numbers observed in VAHAN were due to a temporary delay. It blamed the delay on ongoing talks with vehicle registration vendors.
The company stated that the 25,000 units mentioned in its February 2025 sales figures were actual orders from customers who had paid in full. It also stated that nearly 90% of the orders were paid for in full when placed, rather than being booked with a token amount.
Ola Electric explained that this figure also included orders for its new electric scooters, the Gen 3 and Roadster X, which became available for full purchase (rather than just booking) in February 2025.
The company also stated that deliveries are completed once full payment is received, which is standard practice in the automobile industry. It went on to say that suggesting that vehicles must be delivered immediately after the order or that full payment is equivalent to a simple booking would paint an inaccurate picture.
Ola Electric also stated that it only counts revenue after the vehicle's registration and delivery are complete.
