Ola Electric calls report on likely Sebi probe as factually inaccurate

Bhavish Aggarwal-led Ola Electric Mobility on Friday clarified that a report published by news portal NDTV Profit contained “factual inaccuracies” which could potentially harm the reputation of the company.

Earlier today, NDTV Profit reported that Ola Electric is likely to face an investigation by capital markets regulator Securities and Exchange Board of India (Sebi) over two instances of insider trading. The report claimed that Sebi is purportedly investigating two incidents of trading made by an insider of the company from privileged, material information between October and December 2024.

Clarifying the allegations, Ola Electric in a statement said the individual mentioned in media articles is an employee of Ola Electric Technologies Pvt Ltd and holds ESOPs (Employee Stock Ownership Plans) of Ola Electric Mobility . “The trades referred were routine transactions involving shares acquired through exercising these ESOPs and not through the open market purchase,” the statement said.

Ola Electric, India’s largest pure-play EV maker, has witnessed flagging sales in recent months as legacy players dominate the fast-growing EV segment. While Ola was the largest electric scooter maker in FY25, it stood behind TVS Motor Company in April with 19,709 EV registrations.

In April, Ola Electric announced same-day registration and delivery of vehicles as part of a pilot in Bengaluru. The Bhavish Aggarwal-led EV maker said this would gradually be scaled up across India during this quarter in a phased manner. “Customers can now complete their purchase online or at an Ola Electric Store and ride home on their fully registered vehicles in just hours,” the company claimed. “We have significantly cut the processing time of registering the vehicles through AI led automation and by moving the registration process completely in-house,” an Ola Electric spokesperson said.

“With this we are ensuring a much smoother purchase experience for our customers, eliminating tedious purchase processes and longer delivery timelines,” the spokesperson said. Ola Electric said it has implemented AI to automate the majority of the steps in a registration process, thereby enabling it to eliminate the middlemen associated with the typical registration process.