Ola Electric files application to settle Sebi probe over false information allegations (opens original article in a new tab)

Ola Electric and its founder have applied to settle a Sebi probe over allegations of spreading false information about business performance and product launches, seeking an amicable resolution without admitting fault.

• Ola Electric and founder Bhavish Aggarwal filed a settlement application with Sebi over allegations of disseminating false information regarding service network expansion, sales performance, and electric motorcycle rollout timelines.
• Sebi alleged that Ola's claims about expanding to 4,000 stores and selling 25,207 electric two-wheelers were misleading, with discrepancies in reported numbers and delayed motorcycle deliveries.
• Ola seeks to resolve the matter without admitting guilt, aiming to avoid prolonged litigation, while its stock has significantly declined from its IPO price.