Shares of Ola Electric Mobility fell 5% to hit the day’s low of Rs 53.78 on Monday, following a media report that stated the Bhavish Aggarwal-led company faced raids and seizures for allegedly violating Indian regulations.
On Friday, Bloomberg reported the alleged violations by the electric two-wheeler maker, citing that 95% of its showrooms lacked basic certification to operate. Quoting the company, the report further mentioned that the findings of non-compliance were “misplaced” and “prejudiced.”
The Bengaluru-based electric scooter maker recently…
