Ola Electric Mobility snaps 3-day decline; zooms up to 5%: Here's why

Ola Electric received an e-mail asking for a clarification on the selling price of Ola S1 X 2KWh from the Automotive Research Association of India (“ARAI”) dated October 8, 2024. In response to the same, the electric mobility company said, "we have not changed the price of Ola S1 X 2KWh; and (B) we are running a very limited time festive campaign for a brief period where we are giving a general discount of Rs 5,000 to every customer and higher discount of Rs 25,000 to only a few customers and that too only with very limited inventories."

At the last count, shares of the electric vehicle company traded with nearly 3 per cent gains at Rs 89.85 per share.

Additionally, as part of our Response, we have enclosed: (A) an invoice raised on 6 October 2024, which evidenced the fact that a discount of Rs. 5,000 was given to customers; and (B) a screenshot of the app
where it is specifically mentioned that we have not changed the price of Ola S1 X 2KWh and the discount of Rs. 25,000 was extended only for very limited inventory.

Further, on October 9, 2024 ARAI had requested for a latest customer invoice which was provided by the Company on the same day.

As on date, the company in the filing said that, "We have not received any further communication from ARAI in this regard."

We submit that there is no material impact of this article on the Company, added the company's filing with the exchanges.

The stock in today's trade (October 15) snapped its 3-day decline and went higher by up to 5 per cent.

Ola Electric share price performance since August 9

Ola Electric since August 9 (listing date) has zoomed 21 per cent- taking into account the stock's day's high price clocked today.