Ola Electric shares slip 3% amid regulatory scrutiny over ‘BOSS’ sale discounts

Shares of electric vehicle (EV) manufacturer Ola Electric Mobility tumbled 3% in an intraday session to day’s low of Rs 87.34 on BSE as the company is facing regulatory scrutiny from the Automotive Research Association of India (ARAI) over its recent pricing strategies, according to a report by Business Standard.

The report states that the ARAI has raised concerns about Ola Electric’s failure to inform the agency of a price reduction for its S1 X 2 kilowatt-hour model before initiating its high-profile “BOSS” sale.

This oversight could jeopardize the model’s eligibility for government subsidies under the PM Electric DRIVE Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, potentially affecting the company’s standing in the competitive EV market.

On Thursday, Ola Electric launched its “BOSS 72-hour Rush” sale, offering customers attractive discounts on the S1 electric scooter lineup as part of its biggest Ola season sale.

Notable discounts included prices starting as low as Rs 49,999 for the S1 X 2kWh model.

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“Ola Electric, India’s largest pure-play EV company, today announced its ‘BOSS 72-hour Rush’ as part of its ongoing Biggest Ola Season Sale campaign for the festive season. From 10 th – 12 th October, customers can own an Ola S1 scooter for as low as ₹49,999 and avail additional benefits worth up to Rs 25,000 on the S1 portfolio. The S1 X 2kWh is available at just Rs 49,999 (limited stock daily) while the flagship S1 Pro gets discounts of up to Rs 25,000 off and a flat Rs 5,000 exchange bonus,” the company had informed via a regulatory filing.

Shares of Ola Electric have fallen by nearly 21.4% in the last one month and by 12% in the last 2 weeks.

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