OLAELEC

** Shares of Ola Electric Mobility OLAE.NS rise 6.7% to 55 rupees

** Co on Friday says government sought details on a Feb sales-registration mismatch caused by a "temporary" backlog

** Adds, registration backlog is being "rapidly cleared"

** Ola had said it sold 25,000 vehicles in Feb, but a government portal showed only about 8,600 were registered in Feb

** Co calls it a straightforward case of a temporary registration backlog

** Co has faced multiple roadblocks in recent days, and its shares slipped to a record low on March 17 as one of its units faced an insolvency petition

** OLAE has lost 38% in 2025; poised for a weekly gain after three weeks of losses

(Reporting by Yagnoseni Das in Bengaluru)

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** Shares of Ola Electric Mobility OLAE.NS fall 2% to 53 rupees

** Co facing regulatory scrutiny, with heavy industries ministry probing details regarding discrepancies between its reported sales and actual vehicle registrations, broadcaster CNBC-TV18 reports

** Maharashtra's State Transport Authority inspected multiple Ola showrooms as part of the probe, report says

** OLAE did not immediately respond to a request for comment

** Ola Electric has faced multiple roadblocks in recent days, and had dropped to a record low on March 17 after it said one of its units faced an insolvency petition from a creditor

** Co previously received a letter from the federal government for missing a key milestone in the setup of its planned battery "gigafactory"

** OLAE has lost ~38% in 2025, and is down more than 66% from record high hit in August 2024

(Reporting by Yagnoseni Das in Bengaluru)

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** Shares of Ola Electric Mobility OLAE.NS fall 3.7% to 48.62 rupees

** Rosmerta Digital Services, an operational creditor of Ola Electric Technologies, files a petition for initiation of corporate insolvency resolution process against OLAE's subsidiary Ola Electric Technologies

** Petition was filed alleging default in payment towards services rendered

** Ola Electric denies the claims

** OLAE stock has lost ~43% in 2025

(Reporting by Vijay Malkar)

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March 12 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• COMPLETES NETWORK TRANSFORMATION AND OPEX REDUCTION PROGRAM

• PROGRAM DELIVERS COST REDUCTION OF 900 MILLION RUPEES PER MONTH

• COMPANY EXPECTS AUTOMOTIVE SEGMENT EBITDA BREAKEVEN IN Q1 FY26

• AVERAGE VEHICLE INVENTORY REDUCED FROM 35 TO 20 DAYS

• PROGRAM INCLUDES SHUTTING REGIONAL WAREHOUSES AND DIRECT SHIPPING

• CUSTOMER DELIVERY TIME REDUCED FROM 12 DAYS TO 3-4 DAYS

• DAILY VEHICLE REGISTRATIONS INCREASE TO OVER 800 PER DAY

Source text: ID:nBSE78Lrq3

Further company coverage: OLAE.NS

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March 4 (Reuters) - Indian electric two-wheeler maker Ola Electric OLAE.NS received a letter from the federal government on Tuesday for missing a key milestone in the setup of its planned battery "gigafactory".

Ola was selected in 2022 for the government's production-linked incentive (PLI) scheme to establish a 20 gigawatts (GW) local battery manufacturing facility in the southern state of Tamil Nadu.

The 181-billion-rupee ($2.07 billion) scheme required companies to set up manufacturing facilities within two years. Ola Electric has previously said it would begin commercial operations at the manufacturing facility by April.

Its Tuesday statement said the company was actively engaged with relevant authorities, but did not offer details about the missed milestone or spell out what steps the government could take next.

Ola Electric has lost roughly 40% of its market value since going public last year, pressured by high costs, weak demand and deep discounts that have led to job cuts in its push for profitability.

Earlier in the day, Mukesh Ambani-led Reliance New Energy Solar Limited also received a similar letter from the federal government for missing its timeline to set up a manufacturing plant under the same scheme.

Reliance said its penalties stood at 31 million rupees ($355,293) as of March 3, and that it had asked the government for more time to set up its manufacturing plant.

It was not immediately clear how much Ola's potential penalties would be.

(Reporting by Indranil Sarkar in Bengaluru; Editing by Devika Syamnath)

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Rewrites with Ola's response

March 3 (Reuters) - Ola Electric OLAE.NS, India's top electric two-wheeler maker by sales, said on Monday it is eliminating some roles due to restructuring and automation, with Bloomberg News pinning the number at over 1,000, amid the company's push for profitability.

"We have restructured and automated our front-end operations delivering improved margins, reduced costs and enhanced customer experience while eliminating redundant roles for better productivity," an Ola spokesperson told Reuters by email but declined to comment on the number of impacted roles.

Earlier in the day, Bloomberg News said the moves would impact over 1,000 employees and contract workers and span multiple departments, including procurement, fulfillment, customer relations and charging infrastructure.

Front-end sales, service and warehouse staff at Ola's showrooms and service centres are also being laid off, the report said, citing people familiar with the matter.

This will be the second round of layoffs in five months at Ola, whose struggles with high costs, dwindling demand and deep discounts to attract customers have kept it from turning a profit.

It had cut about 500 jobs in November, according to media reports, leaving it with 3,824 employees as of December 31, 1.8% less than in 2023, according to data from market intelligence platform Tracxn.

Ola's stock ended 3% lower on the day. It has lost about 40% since the company went public on August 9.

(Reporting by Janaki Venugopalan and Manvi Pant in Bengaluru; Editing by Savio D'Souza)

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Feb 28 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• OLA ELECTRIC MOBILITY LTD - OLA ELECTRIC SELLS 25,000 UNITS DURING FEBRUARY 2025

Source text: [ID:]

Further company coverage: OLAE.NS

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Feb 19 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• RENEGOTIATING TERMS OF AGREEMENT WITH OUR AGENCIES

• RENEGOTIATING AGREEMENTS TO REDUCE COSTS AND ENHANCE EFFICIENCIES

• FEB 2025 REGISTRATION NUMBERS TEMPORARILY IMPACTED DUE TO NEGOTIATIONS

• SALES REMAIN STRONG THROUGH FEBRUARY 2025 DESPITE REGISTRATION DIP

Source text: ID:nNSEccQpTs

Further company coverage: OLAE.NS

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By Vivek Kumar M and Bharath Rajeswaran

Feb 12 (Reuters) - MSCI added a lone Indian company, carmaker Hyundai Motor India HYUN.NS, to its Global Standard index late on Tuesday and removed Adani Green Energy ADNA.NS as part of its February 2025 index rejig.

The change will come into effect on the market's close on February 28.

In its previous index reconstitution in November, MSCI had added five domestic companies into the global standard index, lifting India's weightage to nearly 20% in the gauge that tracks emerging markets.

The quarterly rebalancing, which was announced overnight, also saw 20 Indian stocks added to MSCI India Domestic Smallcap Index, including Ola Electric Mobility OLAE.NS, Sundaram Clayton SUNM.NS and Zaggle Prepaid Ocean Services ZAGG.NS, among others.

However, 17 stocks were deleted from the MSCI Smallcap index.

According to IIFL Capital, the MSCI rejig could lead to a net passive inflow of about $850 million to $1 billion into Indian markets.

Private lender IndusInd Bank INBK.NS, which is already part of the global standard index, saw a weight increase, according to IIFL Capital.

While MSCI added and removed one Indian stock from the global standard indexes, it added eight stocks from China and deleted 20 stocks from the world's second-largest economy.

Overall, 23 securities will be added and 107 securities deleted from the MSCI global standard indexes as part of the review.

(Reporting by Vivek Kumar M and Bharath Rajeswaran in Bengaluru)

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Feb 7 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• OLA ELECTRIC MOBILITY Q3 CONSOL NET LOSS 5.64 BILLION RUPEES

• OLA ELECTRIC MOBILITY Q3 CONSOL REVENUE FROM OPERATIONS 10.45 BILLION RUPEES

Source text: [ID:]

Further company coverage: OLAE.NS

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

• LAUNCHES ROADSTER X SERIES MOTORCYCLES

• ROADSTER X SERIES STARTS AT 74,999 RUPEES

Source text: ID:nNSE8wqP4x

Further company coverage: OLAE.NS

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Feb 1 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• OLA ELECTRIC MOBILITY - REGISTERED 24,341 UNITS IN JANUARY 2025

Source text: ID:nBSE4SyPGd

Further company coverage: OLAE.NS

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Jan 24 (Reuters) -

• OLA ON NOTICE BY CONSUMER BODY: WE DO NOT DIFFERENTIATE BASED ON OPERATING SYSTEM OF THE USER’S CELLPHONE FOR IDENTICAL RIDES

• OLA CONSUMER: WILL WORK WITH CENTRAL CONSUMER PROTECTION AUTHORITY TO CLEAR ANY MISUNDERSTANDING

Source text: [ID:]

Further company coverage: AAPL.O

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Jan 10 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• RECEIVES FURTHER REQUEST FOR INFORMATION FROM CENTRAL CONSUMER PROTECTION AUTHORITY

Source text: ID:nBSE9PCNbv

Further company coverage: OLAE.NS

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Jan 8 (Reuters) - India's markets regulator has sent a warning letter to Ola Electric OLAE.NS for sharing information on social media before disclosing it to investors, adding to a long line of troubles for the electric two-wheeler maker.

The letter from the Securities and Exchange Board of India (SEBI), disclosed by Ola Electric late on Tuesday, said that the company had failed to disclose information of a planned store network expansion on time to its investors.

The news of the planned store openings was shared first on social media platform X by founder and Managing Director Bhavish Aggarwal and to investors about four hours later through the stock exchanges.

Publicly-listed companies are required to disclose any information first to investors through exchange filings and not more than 12 hours from the event taking place.

Ola Electric, which went public in August last year, opened 3,200 new stores and service centres last month to expand its reach and address rising complaints on its service standards.

Shares of Ola Electric were down about 1.6% at 77.9 rupees. They had fallen as much as 5% earlier in the day

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

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Dec 27 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• OLA ELECTRIC MOBILITY LTD - SUVONIL CHATTERJEE RESIGNS AS CHIEF TECHNOLOGY AND PRODUCT OFFICER

Source text: ID:nNSE206JjB

Further company coverage: OLAE.NS

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Corrects company name in headline to Greaves Electric Mobility from Greaves Electricity

Dec 23 (Reuters) - Indian electric-vehicle maker Greaves Electric Mobility plans to raise 10 billion rupees ($117.5 million) through an initial public offering, according to the draft papers it filed on Monday.

Greaves Electric is known for its 'Ampere' brand of e-scooters and also manufactures three-wheelers under a different brand.

The company's top shareholder – publicly listed Greaves Cotton GRVL.NS – and investment group Abdul Latif Jameel Green Mobility Solutions will sell around 189.4 million shares through the IPO.

Greaves Electric joins larger rival Ather Energy ATHR.NS in hopping onto India's primary issue bandwagon, with proceeds more than doubling year-on-year to $17.5 billion by mid-December this year, according to data compiled by LSEG.

Ola Electric Mobility's OLAE.NS IPO, the first by a pure-play Indian EV maker, saw investors bid for 4.3 times the shares on offer.

Greaves Electric plans to invest the IPO proceeds into product research and development and build battery assembly capabilities, with a smaller portion earmarked to boost manufacturing capacity.

Prior to the issue, Greaves Cotton owned a 62.5% stake in Greaves Electric, with Abdul Latif Jameel Green Mobility Solutions owning the rest.

($1 = 85.0960 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Krishna Chandra Eluri)

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By Aditi Shah and Neha Arora

NEW DELHI, Dec 17 (Reuters) - South Korea's LG Energy Solution is in talks with India's JSW Energy to manufacture batteries for electric vehicles and renewable energy storage in a joint venture that would need an investment of over $1.5 billion, two sources told Reuters.

The two companies have signed an initial agreement to form an equal partnership in which LGES 373220.KS will contribute the technology and equipment for making batteries and JSW JSWE.NS will invest money, said one of the sources.

The discussions include setting up a plant in India with a total capacity of 10 gigawatt hours of which JSW is likely to use about 70% for energy storage and electric vehicles and LGES will take the remainder, both sources said.

"LGES wanted a partner in India and JSW is interested because it is coming up with its own brand of EVs starting with buses and trucks, and later on cars," said the second person.

The agreement is non-binding and both companies expect to finalise the talks over coming months, said the two sources who have direct knowledge of the discussions but declined to be identified as the talks are still private.

"We are exploring various potential business options and monitoring market situation closely," LGES said in a statement, adding that it does not have any specific plans for India.

JSW Energy declined to comment.

Reuters reported last year that LGES and JSW were in early talks to build batteries together in India.

For LGES, which supplies Tesla TSLA.O, General Motors GM.N and Hyundai 005380.KS, the joint venture will establish its manufacturing presence in India where it is the top battery supplier to e-scooter makers like Ola Electric OLAE.NS and home-grown rival TVS Motor TVSM.NS.

It also gives LGES an opportunity to lower its risk of manufacturing in a country where the EV market is still in its infancy. Slowing EV demand elsewhere in the world has already forced it to reduce capital expenditure next year.

For JSW, whose billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs, this will be an opportunity to secure supplies locally for its energy business while bringing down the cost of its EVs.

The Indian steel-to-energy group last year formed a joint venture with China's SAIC Motor 600104.SS giving it a 35% stake in the Chinese carmaker's India unit, MG Motor, which it is now helping grow.

"JSW has proposed a 25-year agreement to LGES," said the second person, adding that the Indian company continues to engage with other battery players as well.

The companies would like the plant to be operational before the end of 2026 and expect to make a final decision in about 3-4 months, the first person said.

If the venture goes ahead it will be a win for India's Prime Minister Narendra Modi's government that is offering companies billions of dollars in incentives to boost local manufacturing of clean cars.

Domestic carmakers Tata Motor TAMO.NS and rival MG Motor dominate India's electric car sales, while home-grown brands like Ola, TVS and Bajaj Auto BAJA.NS lead e-scooter sales.

(Reporting by Aditi Shah and Neha Arora in New Delhi, additional reporting by Hyun Joo Jin in Seoul
Editing by Christina Fincher)

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

• CCPA SEEKS ADDITIONAL INFORMATION IN RELATION TO PREVIOUS RESPONSE SUBMITTED

Source text: ID:nNSE2HmxcD

Further company coverage: OLAE.NS

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Nov 26 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• OLA ELECTRIC MOBILITY - OLA ELECTRIC LAUNCHES GIG AND S1 Z RANGE OF SCOOTERS

Further company coverage: OLAE.NS

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Nov 21 (Reuters) -

• OLA ELECTRIC IS LAYING OFF CLOSE TO 500 EMPLOYEES- CNBC TV18

Source: https://tinyurl.com/375nwzza

Further company coverage: OLAE.NS

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Adds background in paragraphs 3, 5-8

By Aditya Kalra

Nov 14 (Reuters) - India's top product certification agency will investigate e-scooter maker Ola Electric's OLAE.NS deficiency in service standards and product issues, India's consumer affairs secretary told Reuters on Thursday.

Last month, the Central Consumer Protection Authority (CCPA) sent Ola Electric a notice seeking an explanation from the SoftBank-backed 9984.T company after the consumer rights agency received an unusually high 10,000 complaints.

Ola, India's top e-scooter maker, responded that it had resolved 99.1% of the complaints.

After reviewing that response, the CCPA has now asked the Bureau of Indian Standards to conduct a detailed investigation into the matter, consumer affairs secretary Nidhi Khare said on Thursday.

Ola Electric did not immediately respond to a Reuters email seeking comment.

The complaints were mostly for "minor" issues, Ola's founder Bhavish Aggarwal said on an earnings call last week.

"Two-thirds of it actually are just minor issues like loose parts or customers unfamiliar with the software used," Aggarwal said.

The rising complaints and ensuing regulatory scrutiny have cast a shadow on the e-scooter maker, following its stellar market debut in August.

Ola Electric's shares are down about 7.6% from their listing price of 76 rupees. On the day, its shares were down about 1%, while auto stocks .NIFTYAUTO had risen 0.5%.

(Reporting by Aditya Kalra in New Delhi and Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)

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Corrects to say stronger yen benefits SoftBank's profits in paragraphs 1 and 5

By Anton Bridge

TOKYO, Nov 11 (Reuters) - Japanese technology investor SoftBank Group 9984.T is expected to report a 287 billion yen ($1.87 billion) quarterly profit on Tuesday, boosted by successful portfolio company listings and a stronger yen.

Analysts are also looking out for signs of new investment momentum driven by SoftBank's robust balance sheet and management's bullish stance on artificial intelligence (AI).

The net profit forecast for July-September is based on the average of four analyst estimates compiled by the London Stock Exchange Group, and compares with a loss of 931 billion yen in the same period last year.

MST analyst David Gibson estimates an investment gain of $3.9 billion for the quarter, with the IPOs of two Indian companies - Brainbees Solutions BRAE.NS and Ola Electric OLAE.NS - seen generating income of $0.9 billion and $1 billion, respectively.

A drop of around 10% in the value of the dollar versus the yen over the period is expected to boost SoftBank's bottom line.

Analysts are eagerly awaiting SoftBank's investment plans, after Founder and Chief Executive Officer Masayoshi Son told an investment summit in Saudi Arabia last month that he was saving tens of billion dollars for the next big move.

The pace of SoftBank's new investments is already trending upward, reaching $1.9 billion in the April-June quarter, up from $0.3 billion in January-March. In early October, SoftBank also joined in the latest funding round for ChatGPT operator OpenAI.

Analysts are particularly interested in SoftBank's reported efforts to manufacture AI chips to rival market leader Nvidia, potentially through a collaboration between chip designer Arm O9Ty.F, in which it holds a 90% stake, and recently acquired chip manufacturer Graphcore.

They note that SoftBank made a deal with Arm to license its intellectual property in the most recent quarter, worth $43.2 million in revenue, which may be related.

In addition, SoftBank's sound financial position makes a large-scale investment possible.

It's balance sheet is "near the strongest it has been over the past five years", wrote Morningstar analyst Dan Baker in a note, adding that both S&P Global Ratings and Japan Credit Rating Agency upgraded their SoftBank credit ratings earlier this year.

Although SoftBank announced a $3.4 billion share buyback three months ago, this was substantially below what some analysts had called for and leaves ample room for further investment, they added.

($1 = 153.3100 yen)

(Reporting by Anton Bridge; Editing by Nicholas Yong)

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Adds founder's comments on service issue, background from paragraph 6

By Meenakshi Maidas and Nandan Mandayam

Nov 8 (Reuters) - Ola Electric OLAE.NS, India's top e-scooter maker by market share, reported a narrower second-quarter loss on Friday helped by a jump in sales, and said the recent surge in service requests was largely for "minor issues."

The Bengaluru-based company said its consolidated loss narrowed to 4.95 billion rupees ($58.7 million) in the July-September quarter from 5.24 billion rupees a year earlier.

Ola's quarterly revenue jumped 39.1% to 12.14 billion rupees, helped by sales of mass models, or those priced below 100,000 rupees (about $1,186). It had not begun deliveries of these models last year.

Ola Electric delivered a total of 98,619 two-wheelers between July and September, 73.6% higher than last year. It sold 56,545 mass models.

Expenses grew by 21.8%, slower than the previous quarter's 26.6% rise. Raw material costs, Ola's biggest expense, rose 46.7% but were lower 18.2% sequentially.

Rising consumer complaints and regulatory scrutiny over allegations of poor service have cast a shadow on the SoftBank-backed 9984.T e-scooter maker, following a stellar market debut in August.

"Not all service requests that come are complaints or issues with the product, many of them are regular check-ins or scheduled maintenance," founder and chairperson Bhavish Aggarwal said on an analyst call on Friday.

"Two-thirds of it actually are just minor issues like loose parts or customers unfamiliar with the software used," Aggarwal said.

Ola Electric's shares have fallen 5.5% since listing on Aug. 9, while its dominance in the electric two-wheeler market has diminished in recent months.

"Over the second quarter, we had a bit of a capacity challenge in terms of service, our sales expanded faster than we had expanded our service network," Aggarwal said.

Reuters last year visited 35 Ola centres in 10 Indian states and found many faced significant backlogs , with demand outstripping their workforce or their supply of spare parts.

($1 = 84.3410 Indian rupees)

(Reporting by Nandan Mandayam and Meenakshi Maidas in Bengaluru; Editing by Savio D'Souza, Mrigank Dhaniwala and Eileen Soreng)

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Updates with Swiggy's target valuation, subscriptions opening next week; Hyundai India's bid response, lacklustre debut

Oct 30 (Reuters) - Companies are rushing to go public in India this year as the stock market booms, with Swiggy's SWIG.NS $1.35 billion initial public offering opening up for subscriptions next week.

About 270 companies have raised over $12.57 billion through IPOs in India so far this year, well above the $7.4 billion raised in all of 2023, LSEG data shows.

These are the country's biggest IPOs of 2024:

* HYUNDAI MOTOR INDIA

Hyundai Motor India's $3.3 billion IPO, the first by a carmaker in India in two decades, received bids totalling $5.5 billion. However, concerns around lofty valuations and an auto industry slowdown led the company to log a lacklustre debut.

* SWIGGY

SoftBank-backed food delivery firm Swiggy is eyeing an $11.3 billion valuation on its $1.35 billion IPO, after cutting it down twice by a combined 25%, citing recent volatility in the Indian equity markets.

* NTPC GREEN

State-run NTPC's NTPC.NS green energy arm filed draft papers for a $1.2 billion IPO in September.

* BAJAJ HOUSING FINANCE

Shares of India's most valuable home loan financier have more than doubled after a blockbuster response to its $782 million IPO in September.

* OLA ELECTRIC

The electric scooter maker's $734-million IPO in August drew investor interest from the likes of Fidelity and Nomura.

* SCHLOSS BANGALORE

Brookfield-backed Leela hotels owner Schloss Bangalore filed for a $599 million IPO in September.

* BHARTI HEXACOM

Telecom operator Bharti Hexacom's BHAX.NS $511-million IPO was launched in April, attracting bids worth more than $8 billion.

* AADHAR HOUSING FINANCE

Mortgage lender Aadhar Housing Finance's AADA.NS IPO in May raised $358 million.

* GO DIGIT GENERAL INSURANCE

Insurer Go Digit GODG.NS launched its share sale in May, raising $312 million.

(Reporting by Hritam Mukherjee, Nandan Mandayam, Dimpal Gulwani in Bengaluru; Editing by Aditya Kalra, Mark Potter and Lincoln Feast.)

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

• OLA ELECTRIC MOBILITY - CO SAYS IT HAS A "ROBUST MECHANISM" TO ADDRESS COMPLAINTS RAISED

• OLA ELECTRIC MOBILITY - OUT OF 10,644 COMPLAINTS RECEIVED FROM CCPA, 99.1% COMPLAINTS WERE RESOLVED

Source text for Eikon: ID:nBSEb34dgl

Further company coverage: OLAE.NS

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By Aditi Shah

NEW DELHI, Oct 10 (Reuters) - India's heavy industries ministry has ordered an audit of Ola Electric's service centres, ratcheting up pressure on the e-scooter maker which is already under government scrutiny after a slew of consumer complaints, according to a source and an official directive.

Earlier this week, Ola OLAE.NS received a notice from India's consumer protection agency following 10,000 complaints against the company over issues such as delayed and unsatisfactory after-sales services and inaccurate invoices.

Shares in India's biggest e-scooter maker have fallen around 40% in recent weeks, taking the shine out of its stellar market debut in August, as sales have dipped with angry customers taking to social media to complain about its after-sales service.

The audit by the industries ministry has been ordered to ensure Ola is maintaining its service centres and honouring the warranty given to consumers - conditions it must meet to be eligible for incentives under a government program to promote electric vehicles, according to the source with direct knowledge of the government directive.

The Automotive Research Association of India (ARAI), a testing and certification agency under the industries ministry, has been asked to conduct the audit after which the government will decide the next course of action, the person said.

"Ola Electric is a beneficiary under the scheme whose eligibility certificate ... has been issued by ARAI. Therefore, you are requested to provide your comments," the ministry said in a letter to ARAI.

If found to be in violation, Ola's eligibility to receive incentives under the government program could be affected, the person said.

Softbank Group-backed 9984.T Ola, which has a 27% market share in India's e-scooter market, did not respond to a request for comment.

India's industries ministry and ARAI did not immediately respond to a request for comment.

Reuters last year visited 35 Ola centres in 10 Indian states and found many faced significant backlogs, with demand outstripping their workforce. At one centre, there were more than 100 scooters parked, many covered in bird droppings.

HSBC analysts said in a September note they visited multiple Ola service hubs and most "appeared overwhelmed by the service requests".

Ola has also been in the spotlight this week following a public spat between its founder and a comedian which revived questions over its service and prompted another wave of complaints online.

(Reporting by Aditi Shah
Editing by Shri Navaratnam)

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Adds latest details on IPOs of Hyundai Motor India, Bajaj Housing Finance, Swiggy, Schloss, NTPC Green; changes media packaging code

Oct 8 (Reuters) - Companies are rushing to go public in India this year as the stock market booms, with Hyundai Motor's 005380.KS Indian unit gearing up to launch the country's biggest initial public offering (IPO) of 2024 so far next week.

About 260 companies have raised over $9 billion through IPOs in India so far this year, more than double the amount raised in the same period last year, LSEG data shows.

These are the country's biggest IPOs of 2024:

* HYUNDAI MOTOR INDIA

Hyundai Motor India's $3 billion IPO, the first by a carmaker in India in two decades, opens for subscription next week. Its Korean parent is selling a 17.5% stake in the offering as the company targets a valuation of about $19 billion.

* SWIGGY

SoftBank-backed food delivery firm Swiggy in September filed papers for an IPO, which a source said could be worth $1.25 billion.

* NTPC GREEN

State-run NTPC's NTPC.NS green energy arm filed draft papers for a $1.2 billion IPO in September.

* BAJAJ HOUSING FINANCE

Shares of India's most valuable home loan financier have more than doubled after a blockbuster response to its $782 million IPO in September.

* OLA ELECTRIC

The electric scooter maker's $734-million IPO in August drew investor interest from the likes of Fidelity and Nomura.

* SCHLOSS BANGALORE

Brookfield-backed Leela hotels owner Schloss Bangalore filed for a $599 million IPO in September.

* BHARTI HEXACOM

Telecom operator Bharti Hexacom's BHAX.NS $511-million IPO was launched in April, attracting bids worth more than $8 billion.

* AADHAR HOUSING FINANCE

Mortgage lender Aadhar Housing Finance's AADA.NS IPO in May raised $358 million.

* GO DIGIT GENERAL INSURANCE

Insurer Go Digit GODG.NS launched its share sale in May, raising $312 million.

(Reporting by Nandan Mandayam, Dimpal Gulwani in Bengaluru; Editing by Aditya Kalra and Mark Potter)

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NEW DELHI, Oct 7 (Reuters) - Ola Electric's OLAE.NS shares tumbled 9% on Monday after a public spat between the founder of India's biggest e-scooter maker and a comedian revived questions over service at the SoftBank-backed company, whose sales are falling.

Indian comedian Kunal Kamra on Sunday posted an undated photo to his 2.4 million followers on X which showed dozens of e-scooters gathering dust outside an Ola showroom, triggering a wave of online complaints from other users.

Ola's founder Bhavish Aggarwal responded by saying Kamra should "sit quiet and let us focus on fixing the issues", adding that the company is expanding its service network fast.

Ola, which has a 27% market share in India's e-scooter market, did not respond to a request for comment on Monday.

After a stellar stock market debut in August, shares in Ola have dropped 43% from their all-time high as it faces growing anger on social media over its service, and analysts flag concerns about its market share, which has fallen for five months in a row due to growing competition and service concerns.

"Consumer complaints on social media do have (an) impact on the company ... The current social media spat is going to have a medium to short-term impact," said Kranthi Bathini, director of equity strategy at Wealthmills Securities.

HSBC analysts said in a note last month that they visited multiple Ola service stations and most "appeared overwhelmed by the service requests and were struggling to provide adequate service quality", adding they had a "huge backlog".

Following the HSBC note, Aggarwal said he plans to double Ola's service centre network by December, from 500 currently.

Reuters last year visited 35 Ola centres in 10 Indian states and found many faced significant backlogs, with demand outstripping their workforce or their supply of spare parts.

At one centre, there were more than 100 scooters parked, many covered in bird droppings.

Last month, a 26-year-old man was arrested for allegedly setting fire to an Ola showroom in a southern Indian state in protest over unsatisfactory servicing, police said.

(Reporting by Aditya Kalra and Aditi Shah; Editing by Alexander Smith)

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Oct 3 (Reuters) - Ola Electric Mobility Ltd OLAE.NS:

• ANNOUNCED ENTRY INTO ITS S1 PORTFOLIO FOR AS LOW AS 49,999 RUPEES

Source text for Eikon: ID:nBSE5LgrSj

Further company coverage: OLAE.NS

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