OLAELEC

Nov 6 (Reuters) - India's Ola Electric OLAE.NS reported a narrower second-quarter loss on Thursday, helped by a sharp drop in its expenses.

The electric two-wheeler maker's consolidated net loss stood at 4.18 billion rupees ($47.56 million), compared to 4.95 billion rupees a year earlier.

($1 = 87.8950 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Sonia Cheema)

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Adds Ola's response on non-payment of salary in paragraph 9

By Chandini Monnappa and Kashish Tandon

BENGALURU, Oct 20 (Reuters) - Ola Electric OLAE.NS founder Bhavish Aggarwal and a senior executive have been named in a police complaint after an employee accused them of harassment in a 28-page note before dying by suicide, according to a copy of the police report seen by Reuters.

The complaint, filed by the employee's brother in Bengaluru, names Aggarwal and the company's head of homologation, Subrath Kumar Das, alleging the employee was under intense pressure.

The deceased K. Aravind's brother, Ashwin Kannan, told Reuters that a day after his brother's cremation on September 29, the company deposited about 1.7 million rupees ($19,341) to Aravind's account.

On enquiring about the payment, three people from Ola Electric's human resources team visited him and said the deposit related to Aravind's pending salary for the financial year 2024-25, he said.

"When they had not paid for months, how did they suddenly send the amount the very next day of hearing about my brother's death and cremation?" Kannan asked.

Ola Electric, which has challenged the First Information Report (FIR) in the state's top court, said the employee never raised any complaint or grievance regarding his employment or any harassment during his tenure.

However, Kannan told Reuters his brother had been employed with Ola Electric since 2022 and had recently complained that the company had not cleared his dues.

He said Aravind feared seeking payment after hearing that employees who raised similar concerns were losing their jobs.

On non-payment of salary, the company said all salary dues to Aravind "were cleared in the normal course of payroll processing". "There were no pending or outstanding salary payments at the time of the incident," it said.

"In order to provide immediate support to the family, the company promptly facilitated the full and final settlement to his bank account," Ola Electric's spokesperson said.

Ola Electric, backed by SoftBank Group 9984.T, Temasek Holdings, Tiger Global Management and India’s State Bank of India has been grappling with slowing sales, regulatory scrutiny and intensifying competition from established two-wheeler makers.

The stock has fallen about 30% since listing in August 2024.

($1 = 87.8950 Indian rupees)

(Reporting by Kashish Tandon, Chandini Monnappa and Haripriya Suresh in Bengaluru; Editing by Eileen Soreng)

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Oct 16 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• LAUNCHES FIRST RESIDENTIAL BATTERY ENERGY STORAGE SYSTEM (BESS) SOLUTION

• EXPECTS BESS MARKET CONSUMPTION TO SCALE UP TO 5 GWH

Source text: ID:nBSEqq4hp

Further company coverage: OLAE.NS

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Oct 6 (Reuters) - Ola Electric Mobility OLAE.NS:

• GETS GOVERNMENT CERTIFICATION FOR IN-HOUSE FERRITE MOTOR

• WITH THIS CERTIFICATION, TO INTEGRATE FERRITE MOTOR ACROSS LINEUP

Source text: ID:nNSE6b2g4N

Further company coverage: OLAE.NS

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Corrects market share to about 0.5% from about 5% in paragraph 4 after company clarification

By Meenakshi Maidas and Yagnoseni Das

Sept 30 (Reuters) - Simple Energy, an Indian electric two-wheeler manufacturer that plans to go public next year, is aiming for a 19-fold jump in retail presence by 2029 as it accelerates expansion in northern India to compete with industry giants, a top executive said.

Bengaluru-headquartered Simple Energy, founded in 2019, opened its first showroom last year and now operates 53 outlets across the country.

In the next three to four years, Simple will be in a hyper-growth phase, essentially to break into the top three, Founder and CEO Suhas Rajkumar told Reuters.

The company currently holds about a 0.5% share of India's EV two-wheeler market, competing with established players such as TVS Motor TVSM.NS, Bajaj Auto BAJA.NS, Ola Electric OLAE.NS, and Ather Energy ATHR.NS.

Scooters make up roughly one-third of India's two-wheeler market and dominate the EV segment, accounting for the majority of the sales.

Simple Energy said in mid-September that it has developed an in-house motor free of heavy rare-earth elements, a move aimed at insulating itself from supply chain disruptions following China's export curbs, which rattled the global auto industry and left manufacturers scrambling for alternative technologies.

Local peer Ola also ramped up its programme to make their own rare-earths-free motors in April in response to global supply constraints, and plans to roll them out in the December quarter.

Simple Energy will keep the motor tech exclusive for now, but may open it to other players within a year if supply chain pressures persist, Rajkumar said.

The company plans to launch an IPO in the second or third quarter of fiscal 2027, aiming to raise $350 million, largely through a fresh issue. The proceeds will be earmarked for retail expansion, research and development, and marketing.

A small portion of the IPO will be an offer for sale, although specific details remain undisclosed. So far, the company has raised $51 million from marquee investors to fuel its growth.

Simple, which sells the 'Simple One' and 'Simple OneS', has sold 5,027 vehicles, as of September 29, according to government data, after facing early delivery hiccups.

(Reporting by Meenakshi Maidas and Yagnoseni Das in Bengaluru; Editing by Sherry Jacob-Phillips)

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By Akash Sriram

BENGALURU, Sept 23 (Reuters) - Electric two-wheeler startup Ultraviolette Automotive said on Tuesday it is open to licensing its battery technology, as the Qualcomm QCOM.O and TVS Motor‑backed TVSM.NS company seeks to build a new, higher‑margin revenue stream.

EV startups face heavy cash burn from factory build-outs and the high cost of batteries and components.

Licensing could provide capital to expand manufacturing and the product portfolio, giving companies more financial flexibility, industry experts say.

"A little down the line, we should probably look at other revenue streams from offshoots from the technology side," CEO Narayan Subramaniam told Reuters.

"We have gotten interest from EV manufacturers, companies that make space tech equipment to even performance hydroplanes. But for us currently, with the bandwidth that we have, our laser-sharp focus is on building our presence and product portfolio."

Pursuing new business lines can divert focus and resources from scaling core EV sales and manufacturing, a critical phase for startups still establishing market share, industry experts say.

In the United States, Rivian RIVN.O and Lucid LCID.O have also sought to boost revenue by licensing or supplying their EV technology, underscoring how capital‑intensive startups are looking beyond vehicle sales for profitability.

The Bengaluru, India‑based company on Tuesday launched the X47 electric motorcycle, aiming to attract a broader swath of consumers and expand in India and Europe.

Ultraviolette positions its bikes at the premium end against domestic rivals such as Ather Energy ATHR.NS and Ola Electric OLAE.NS , targeting buyers willing to pay more for performance-oriented models and advanced features.

By contrast, Ather CEO Tarun Mehta told Reuters last month the company is not looking to license its technology.

Ultraviolette raised $21 million last month in a round led by Japan’s TDK Ventures, with participation from Zoho Corporation and Lingotto.

(Reporting by Akash Sriram in Bengaluru; Editing by Tasim Zahid)

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Adds details on numbers of shares sold in paragraph 2

Sept 4 (Reuters) - Japan's SoftBank Group 9984.T has lowered its shareholding in Indian electric scooter maker Ola Electric OLAE.NS to 15.68% from 17.83%, after selling a 2.15% stake over two months, an exchange filing showed on Thursday.

SoftBank, Ola Electric’s second-largest shareholder after founder Bhavish Aggarwal, sold a total of 94.9 million shares in a series of transactions between July and September. It did not disclose the sale price.

The Indian company, which went public in August 2024, has seen a sharp pickup in trading volumes in recent sessions. The stock closed more than 10% higher in two of the past four sessions.

(Reporting by Nishit Navin; Editing by Sonia Cheema)

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** Shares of Ola Electric OLAE.NS up 35% this month, its best since listing on Aug 9, 2024

** Electric two-wheeler maker extends gains for fourth straight session, up 2% to 55 rupees on Friday

** Co secured production linked incentive compliance for its Gen 3 scooters on Tuesday; OLAE up 16% since

** On Aug 20, shares rallied some 18% on multiple block deals at premium

** Stock rated "hold" on avg by 7 analysts; median PT at 45 rupees- data compiled by LSEG

** YTD, OLAE down 34%

(Reporting by Komal Salecha)

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** India's Nifty 50 .NSEI down 0.5% and Sensex .BSESN falls 0.6%, set for second consecutive session of losses

** U.S. tariffs on Indian goods double to 50% from Wednesday

** Fourteen of India's 16 major stock market sectors trade lower; broader mid-caps .NIFMDCP100 and small-caps .NIFSMCP100 down 0.5% each

** India's products may lose competitiveness compared to other Asian countries like China and Vietnam as it faces relatively higher U.S. tariffs, says SBI Research

** IT .NIFTYIT down 1.3%, while pharma .NIPHARM down 0.7% despite being exempted from current tariffs on caution over export-linked sectors

** Among stocks, Ola Electric Mobility OLAE.NS jumps 8%-- top Nifty 500 .NIFTY500 gainer-- as its Gen 3 scooters received compliance certification under the government's production-linked incentive scheme

(Reporting by Vivek Kumar M)

(([email protected];))

** Indian e-scooter maker Ola Electric OLAE.NS jumps 12.2% to 50.3 rupees, its highest level since early-June

** Shares of OLAE changed hands in 89 block deals priced between 45.4 rupees to 50.63 rupees, data compiled by LSEG showed

** Block deals at 1.3%-12.9% premium on Tuesday's last close

** Overall, about 350 million shares traded, 2.9x the 30-day avg

** Stock down ~42% so far in 2025

(Reporting by Manvi Pant in Bengaluru)

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Aug 4 (Reuters) - India's Ather Energy ATHR.NS reported a narrower first-quarter loss on Monday, helped by higher demand for its e-scooters, particularly the best-selling "Rizta".

The company, founded in 2013, said its loss narrowed to 1.78 billion rupees ($20.31 million) for the quarter ended June 30 from 1.83 billion rupees a year ago.

($1 = 87.6320 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected]; +91 8921483410;))

Rewrites throughout, adds executive's comment in paragraph 2

By Nandan Mandayam

July 31 (Reuters) - India's Eicher Motors reported that a shortage of rare earth magnets disrupted its first-quarter production of performance motorcycles due to China's export ban on the key component, prompting the company to switch to alternative materials.

"We started working on the alternative material...at least about three or four months back. Now (the import of) that alternative material is not a major issue," Eicher's Managing Director B. Govindarajan told analysts in a post-earnings call.

The shortage of the critical component stalled production of Royal Enfield's Himalayan, Scram and Guerilla motorcycles, Govindarajan added.

Indian two-wheeler manufacturers, particularly e-scooter makers, are scouting substitutes to rare earth magnets, as China controls 90% of the global production.

Earlier in the day, India's top e-scooter maker TVS Motor TVSM.NS said it was looking for rare earth alternatives used for motors. Ola Electric, meanwhile, had said it has developed rare-earth-free motors, which are to be deployed from the December quarter.

China's curbs on rare-earth exports have disrupted the global auto industry, with companies warning of a severe supply crunch.

Eicher, whose Royal Enfield leads premium motorcycle sales in India, reported a profit that topped estimates on Thursday, helped by strong local and overseas demand.

The company clocked a profit of 12.05 billion rupees ($137.6 million) for the quarter ended June 30, compared with 11.01 billion rupees a year earlier, beating analysts' estimate of 11.17 billion rupees, according to data compiled by LSEG.

Its shares closed down 0.2% before the results were announced. They are up 13.4% so far in 2025.

($1 = 87.6040 Indian rupees)

(Reporting by Nandan Mandayam and Anuran Sadhu in Bengaluru; Editing by Mrigank Dhaniwala and Shilpi Majumdar)

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** Ola Electric Mobility OLAE.NS falls as much as 4.1% to 45.16 rupees

** Co forecast improved gross margins for FY26 after posting narrower sequential Q1 loss on Monday

** Ambit Capital says co expects margin gains from Q2 due to PLI approval, efficiency improvements

** Adds, "We find this ambitious due to delays in fully commercialising captive cell plant, pending PLI approval"

** Investec says while co's margins expected to rise, volume growth could moderate due to slowdown in EV industry, increased competition

** Notes delay in cell manufacturing ramp up may lead to exclusion from PLI

** Goldman Sachs recognises co's efforts to shift towards positive EBITDA, FCF breakeven, but believes market requires greater clarity on volume growth, market share execution

(Reporting by Meenakshi Maidas in Bengaluru)

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** India's Ola Electric OLAE.NS rises 4.3% to 41.48 rupees

** Electric scooter maker reports narrower sequential loss and says gross margins will improve to 35%-40% in FY26 from 20.5% in FY25

** OLAE also says it has developed motors that do not need rare earths; these are scheduled for deployment in Q3

** Avg rating on OLAE at "hold"; median PT is 60 rupees - data compiled by LSEG

** Stock trims YTD losses to 52%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

July 8 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• ANNOUNCES MASS ROLL-OUT OF MOVEOS 5

Source text: ID:nBSE6JWjY0

Further company coverage: OLAE.NS

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** Shares of Ola Electric Mobility OLAE.NS fall 2.6% to 42.05 rupees

** More than 4.5 mln shares traded in 4 block deals on NSE at a discount of 0.2% to 2.6% to previous close

** OLAE's RSI falls to 25.9, suggesting stock might be oversold - LSEG

** OLAE down ~51% YTD

(Reporting by Vijay Malkar)

(([email protected];))

** Ola Electric Mobility OLAE.NS falls 6.3% to record low of 43.16 rupees; set for ninth session of losses in 10 days

** More than 24.7 mln shares traded in seven large deals on NSE at 3.4%-5.6% discount to Friday's close, per data compiled by LSEG

** Traded shares represent 0.5% stake in OLAE

** Earlier this month, Hyundai Motor 005380.KS sold its entire 2.47% stake in OLAE; Kia 000270.KS trimmed its holding

** OLAE, grappling with slowing sales, regulatory pressure, competition from established two-wheeler makers, down ~53% since going public in August 2024

(Reporting by Vivek Kumar M)

(([email protected];))

Updates

May 30 - ** Electric scooters maker Ola Electric Mobility OLAE.NS down 5.5% to 50.3 rupees after Q4 results

** Ola forecast decline in current quarter revenue to 8.5 billion rupees ($99.25 million), compared to 16.44 bln rupees in Q1 FY25 amid falling sales and steep discounts

** Co's Q4 loss doubled to 8.7 billion rupees vs 4.16 billion rupees a year ago, also hit by a one-time warranty expense provision

** Kotak Institutional Equities downgrades stock to "sell" from "reduce"; cuts fair value to 30 rupees from 50 rupees

** Says, core loss was "much above" its expectations and co's future hinges on scaling up volumes and a successful motorcycle foray, which faces "executive and credibility challenges"

** Ola is targeting profitability and gross margin improvement in current fiscal year

** Shares down ~41% YTD

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

Rewrites paragraph 1, adds details from earnings call, presentation throughout

By Nandan Mandayam

May 12 (Reuters) - Indian e-scooter maker Ather Energy ATHR.NS, founded in 2013, reported a smaller full-year loss for the first time ever on Monday, as strong demand for its 'Rizta' scooter and lower unit costs boosted margins.

Ather started selling e-scooters in 2018, becoming a pioneer in the Indian market, but has since fallen behind Ola Electric OLAE.NS and legacy rivals, who are better funded and have a wider distribution network.

The company, which debuted on the stock market last week, has sought to close the gap with the launch of the more family-oriented 'Rizta' and by using its engineering heft to lower costs.

That helped its net loss narrow to 2.34 billion rupees (about $28 million) in the fourth quarter, from 2.83 billion rupees a year ago. Its full-year loss shrank to 8.12 billion rupees from 10.6 billion rupees.

"Our reduction of losses and improvement of margins have happened on the back of our focus on software and a strong R&D-led cost reduction," CEO Tarun Mehta said.

Mehta, who has referred to Ather's e-scooters as the "Apple of electric two-wheelers", said the company could achieve profitability "at a lower scale than some of our peers." He did not give details or a timeline.

Its closest rival, Ola Electric, is also posting losses, while legacy two-wheeler companies, including market leader and Ather's biggest shareholder Hero MotoCorp HROM.NS, do not give separate results for their electric vehicle sales.

Strong demand for the 'Rizta' helped Ather's fourth-quarter revenue increase 29%.

The company hopes the 'Rizta' and other launches will help it expand in north and west India, and is backing its R&D prowess to cut production costs.

This, said Mehta, has already helped Ather cut full-year unit costs by nearly 20%, leading to adjusted gross margin, including government subsidies, doubling to 19%.

Ather's earnings margin before interest, taxes, depreciation and amortisation (EBITDA) margin improved to negative 23% from about negative 36%.

($1 = 84.8270 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala, Varun H K and Savio D'Souza)

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May 5 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• CLARIFIES ON PERPETUAL LICENSE FOR 'OLA' MARK IN EV BUSINESS

• CO HOLDS LICENSE TO USE CERTAIN LICENSED IP, INCLUDING LOGO AND/OR WORD-MARK OF 'OLA'

• LICENSE VALID GLOBALLY FOR OLA ELECTRIC VEHICLE BUSINESS

Source text: ID:nBSEbQD2dr

Further company coverage: OLAE.NS

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May 2 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• OLA ELECTRIC - STORY CO LIKELY IN SEBI CROSSHAIRS OVER ALLEGED INSIDER TRADING CONTAINS FACTUAL INACCURACIES

• OLA ELECTRIC - INDIVIDUAL MENTIONED IN MEDIA ARTICLES IS EMPLOYEE OF OLA ELECTRIC TECH, HOLDS ESOPS OF CO

• OLA ELECTRIC - TRADES REFERRED IN MEDIA REPORT WERE ROUTINE TRANSACTIONS

• OLA ELECTRIC MOBILITY LTD - TRADES WERE ROUTINE TRANSACTIONS INVOLVING ESOPS

Source text: [ID:]

Further company coverage: OLAE.NS

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April 25 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• OLA ELECTRIC MOBILITY LTD - UNAWARE OF NOTICE TO CLOSE 100 SHOWROOMS IN MAHARASHTRA

Source text: ID:nBSE6wRTMF

Further company coverage: OLAE.NS

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** Shares of Ola Electric Mobility OLAE.NS fall 3.3% to 51.3 rupees

** Maharashtra government has instructed regional transport offices to shut down co's outlets operating without a valid trade certificate, the Economic Times reports

** Separately, Mint reports that officials are planning to shut 121 of co's nearly 450 Maharashtra stores over not having sales permits

** Ola did not immediately respond to Reuters' request for comment

** Stock on track to snap a three-day winning streak

** OLAE has lost 32% in 2025

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected]))

April 11 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• ROLLS OUT FIRST ROADSTER X MOTORCYCLE

• ROADSTER X SERIES PRICES START AT 84,999 RUPEES, UP TO 184,999 RUPEES

Source text: ID:nBSE57w37f

Further company coverage: OLAE.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to remove second graphic.

By Ujjaini Dutta

BENGALURU, April 9 (Reuters Breakingviews) - Ola Electric Mobility OLAE.NS has taken a poor turn. Nearly eight months after it went public at a $4.8 billion market capitalisation, shares of the SoftBank-backed 9984.T Indian electric scooter maker have plunged one-third below its initial public offering price, massively underperforming the benchmark Nifty 50 Index .NSEI which has held pretty firm against a global selloff in recent days. It's the latest promising startup in the country to run out of juice.

Founded by Bhavish Aggarwal, Ola was a posterchild for electric vehicles in the South Asian country where two-wheelers dominate, but it has quickly lost its lead in the booming industry. Its market share of 50% at the beginning of 2024 collapsed to 19% in December; Bajaj and TVS are catching up fast, rolling out electric scooters alongside their gas-guzzlers.

Ola’s sales are sputtering too. It reported over 25,000 two-wheeler sales for February, up 2.5% on the previous month. However, it logged about one-third of that amount with transport authorities. The company blames the large discrepancy on "a temporary registration backlog". Either way, regulators are scrutinising the saga.

Overall, revenue in the December quarter slumped 19% year-on-year to 10.45 billion rupees ($121 million), while Ola's net loss widened to 5.64 billion rupees over the same period. It's a disappointing performance from a company that was a beneficiary of financial handouts from India's flagship manufacturing incentive scheme.

Ola is not alone. Analysts at Bernstein label the rest of India’s unlisted electric vehicle startups, including rival and IPO hopeful Ather Energy “uninvestable”. Traditional two-wheeler makers, it says, have better reach, servicing and safety perceptions despite producing “boring and uninspiring products”.

It serves as a warning against India's startups in general. Many of the promising ones have struggled to retain their shine, even before the U.S. trade war-induced selloff. One 97 Communications-owned Paytm PAYT.NS, India’s one-time fintech darling, and online beauty shop Nykaa NYKA.NS are trading 62% and 85% below their IPO price. Prosus-backed PRX.AS Swiggy SWIG.NS, one half of a food delivery duopoly, has sunk too.

The problems of Ola and its cohort will raise the bar for the 20 or so large startups in India's IPO pipeline. The planned debut of Walmart-backed WMT.N loss-making payments giant PhonePe, at a mooted $15 billion valuation, already looked hasty. The IPO window may not slam shut in India but startups will need large discounts if they want to squeeze through.

Follow @ujjainidutta_

CONTEXT NEWS

Ola Electric's shares have fallen one-third below its initial public offering price of 76 rupees in August 2024.

(Editing by Una Galani and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))

April 8 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• ISSUES CLARIFICATION ON FEBRUARY 2025 SALES FIGURES

• FEBRUARY SALES BASED ON PAID AND CONFIRMED ORDERS

• CO RECOGNIZES REVENUE ONLY UPON COMPLETION OF REGISTRATION AND DELIVERY OF VEHICLES

• DISCLOSED FEB SALES DATA BASED ON PAID ORDERS AS ROUTINE REGISTRATION PROCESS WAS DISRUPTED

Source text: ID:nBSE8Kfdft

Further company coverage: OLAE.NS

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** Shares of Ola Electric Mobility OLAE.NS down ~2% at 52.95 rupees, set for third day of declines

** Over 1 mln shares traded in two block deals at 53.41 rupees each, a 1.3% discount to last close --LSEG data

** Stock down ~38% YTD and ~30% since early-Aug listing

** Avg rating of seven analysts equivalent of "hold", median PT is 73 rupees --LSEG data

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

Adds details on dues owed to agency in paragraph 1, changes sourcing in paragraphs 1, 2, shares in parahraph 7

March 25 (Reuters) - A unit of Ola Electric OLAE.NS, an Indian electric scooter maker, has settled dues worth 267.5 million rupees ($3.1 million) with vehicle registration agency Rosmerta Group, the companies said on Tuesday.

Rosmerta will now withdraw a petition to take the unit insolvent, they said.

Earlier this month, Rosmerta Digital Services filed a petition against Ola Electric Technologies, alleging a default in payments.

Ola Electric had also said a mismatch between company-provided sales data and government registration data in February was due to negotiations with its vehicle registration vendors.

The company said the backlog that arose from the data mismatch has been cleared, but the government has sought information on the matter.

On Tuesday, its shares were trading flat in a volatile session.

Ola Electric's shares have recovered slightly from a record low since it informed investors of the insolvency petition, but are still down about 27% since listing last August.

($1 = 85.7250 Indian rupees)

(Reporting by Aleef Jahan and Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)

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March 21 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• OLA ELECTRIC MOBILITY LTD - SALES REMAIN STRONG

• OLA ELECTRIC MOBILITY - BACKLOG IN FEB DUE TO NEGOTIATIONS WITH VENDORS FOR VEHICLE REGISTRATIONS

• OLA ELECTRIC MOBILITY - 40% OF FEBRUARY BACKLOG CLEARED, REMAINING TO BE RESOLVED BY END OF MARCH

• OLA ELECTRIC MOBILITY - BACKLOG IS BEING RAPIDLY CLEARED

• OLA ELECTRIC - MEDIA OUTLETS, VESTED INTERESTS MISREPRESENTED IT AS REGULATORY ISSUE

Source text: ID:nNSE8PfktR

Further company coverage: OLAE.NS

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