Bhavish Aggarwal's Ola Electric Faces SEBI Inquiry Amid Disclosure Concerns

Bhavish Aggarwal's Ola Electric Under SEBI Scanner for Insider Trading

Ola Electric Mobility, led by Bhavish Aggarwal, is reportedly under SEBI investigation for alleged insider trading between October and December 2024. The probe may also include scrutiny of related party transactions. The inquiry comes amid rising regulatory concerns over Ola's public disclosures and sales data. Earlier, discrepancies surfaced between the company's stated sales of 25,000 electric vehicles in February and data from the VAHAN portal, which showed only 8,600 units registered. This sharp difference led to inquiries from the Ministry of Heavy Industries and MORTH, questioning the accuracy of Ola’s reported market share and sales numbers. The company claimed a 28% market share in filings, while VAHAN data suggested a drop to 11.4% from 25% in January 2025. In addition, Ola Electric reportedly received a notice from Maharashtra authorities ordering the closure of over 100 showrooms, though the company denied awareness of such a directive. It has also acknowledged receiving trade certificate-related notices in four states and is in the process of responding to them. Despite regulatory pressure and declining investor confidence—evident in its falling stock price—Ola Electric asserts it remains committed to full regulatory compliance and timely disclosures as required under listing norms. The SEBI probe may further intensify scrutiny on the EV sector's governance standards.

Bhavish Aggarwal's Ola Electric Faces SEBI Inquiry