2 weeks Ago
Ola Electric on Friday (April 25) issued a clarification in response to a CNBC-TV18 report that Maharashtra authorities are moving to shut down over a hundred of its unlicensed showrooms across the state. In a statement, the company said it has not received any official notice regarding the closure of its showrooms in Maharashtra. "Unaware of any notice from the authorities ordering the closure of over 100 showrooms in the state,” Ola Electric said.
CNBC-TV18 had earlier reported that the Maharashtra Transport Department has ordered the closure of over 100 Ola Electric Mobility Ltd stores across the state for operating without mandatory trade certificates. There have been multiple complaints regarding unlicensed sales activity by Ola Electric outlets. Under Indian law, dealerships must obtain a trade certificate to sell or display vehicles for test drives.
The shares of the company are trading 4% lower at 10:50 am. Also Read: Indian EV makers to face challenges as China stops supply of rare earth magnets to India.
