Tech
Ola Electric shares drop 5% following report of raids and seizures over rule violations
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Shares of Ola Electric Mobility fell 5% to hit the day’s low of Rs 53.78 on Monday, following a media report that stated the Bhavish Aggarwal-led company faced raids and seizures for allegedly violating Indian regulations.
On Friday, Bloomberg reported the alleged violations by the electric two-wheeler maker, citing that 95% of its showrooms lacked basic certification to operate. Quoting the company, the report further mentioned that the findings of non-compliance were “misplaced” and “prejudiced.”
The Bengaluru-based electric scooter maker recently…
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