Ola Electric shares jump 6% after clarification on February sales data mismatch

Ola Electric share price surged by 6% following the company's denial of allegations regarding a significant drop in its sales for February 2025, labeling it a "false narrative" and explaining that the temporary delay in registrations is due to ongoing discussions with vendors. The firm emphasized that its sales continue to be robust and that the backlog is being rapidly addressed.

As per the exchange filing, Ola Electric announced that daily registrations have surpassed 50 percent of its average daily sales over the past three months, with 40 percent of the backlog from February now addressed. The company indicated that the remaining backlog will be completely resolved by the end of March 2025.

This statement comes in response to increased scrutiny from regulatory bodies. Ola Electric confirmed it has received information requests from the Ministry of Heavy Industries (on March 11) and the Ministry of Road Transport and Highways (on March 18), along with inquiries from four states regarding trade certificates for some of its outlets.

The questions specifically relate to inconsistencies between vehicle registrations on the VAHAN portal and the sales data disclosed in its regulatory filing on February 28, 2025. The company stated that it is currently working on addressing these inquiries.

“This intensified after we discontinued contracts with two nationwide vendors managing our registration process as part of our strategy to streamline operations and drive profitability. Since then, a coordinated effort has been made to create confusion and trigger unnecessary scrutiny. Our focus remains on resolving the backlog efficiently and continuing to serve our customers with transparency and reliability,” the firm stated in an exchange filing.

Ola Electric share price today

Ola Electric share price today opened at ₹51.78 apiece on the BSE, the stock touched an intraday high of ₹55.35 per share, and an intraday low of ₹51.35 apiece.

Anshul Jain, Head of Research at Lakshmishree Investment and Securities stated that Ola Electric share price saw a sharp bounce on Tuesday, with trading volumes surging over 500% compared to the 50-day average. The stock is currently testing the falling 20-day EMA at 55, and a breakout above this level could push it toward the 50-day EMA at 64.

“However, the overall structure remains weak, suggesting this is a temporary pullback rather than a trend reversal. A deeper downmove is likely after the rally fades, making the stock a sell on strength rather than a long-term buying opportunity,” added Jain.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.