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Bhavish Aggarwal’s Ola Electric slides 4% on reports of trade certificate violation

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Bhavish Aggarwal’s Ola Electric slides 4% on reports of trade certificate violation

The difficulties for Bhavish Aggarwal seem to be growing as he expands stores. Ola Electric’s share price plunged 4.4% intra-day to Rs 54.03. This is after the company came under scrutiny over reportedly not having a trade certificate for dealerships. 

Ola Electric’s dealership stores were raided by transport authorities across different states, showrooms were closed, vehicles were seized, and show-cause notices were sent. All these actions came for allegedly not having trade certificates for dealership stores.

Just a few days back OLA Electric was caught off guard after news reports suggested that the company has fired around 1,000 employees. You can read more about this issue in the below article. 

ALSO READOla Electric to lay off over 1,000 employees to reduce losses

This is a developing story, more details are being added. Please watch the space for updates.

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