Ola Electric denies insider trading accusations in message to stock exchanges

Ola Electric Mobility Limited has responded to recent allegations of insider trading, refuting claims and emphasizing that the transactions in question involved employee ESOPs rather than open market trades. The company asserted that the individual mentioned in the media story holds ESOPs of Ola Electric Mobility Limited and that the trades mentioned were routine transactions related to the exercise of these options.

In a letter dated May 2, 2025, addressed to both the National Stock Exchange (NSE) and BSE Limited, Ola Electric clarified that the media reports suggesting possible regulatory scrutiny by SEBI were based on inaccuracies. The company emphasized that transparency is essential and made the clarification readily available on its website to address any concerns or misunderstandings.

Signed by Company Secretary and Compliance Officer Pritam Das Mohapatra, the clarification aimed to dispel any doubts about the company’s adherence to regulatory standards. Ola Electric underscored the potential harm that misleading media coverage could have on its reputation and reassured stakeholders of its unwavering commitment to compliance with all relevant regulations and laws.

In other news, Ola Electric recently introduced its new Roadster X motorcycle series, featuring cutting-edge technologies such as patented brake-by-wire technology, single-channel ABS, and advanced smart functions powered by MoveOS 5. The Roadster X motorcycles boast an IP67 certified battery system designed for water and dust resistance, further enhanced by a serviceable Battery Management System for improved maintenance convenience.

Ola Electric, a prominent Indian electric vehicle (EV) manufacturer, specializes in developing electric scooters and mobility solutions. A subsidiary of Ola Cabs, the company was established to address the growing demand for sustainable transportation options in India. With its headquarters in Bengaluru, Karnataka, Ola Electric has made substantial investments in manufacturing and battery production capabilities, culminating in the establishment of the Ola Futurefactory, touted as one of the largest two-wheeler manufacturing facilities globally.

The company initially entered the Indian market with its S1 and S1 Pro electric scooters, targeting urban commuters seeking eco-friendly transportation alternatives. Ola Electric places significant emphasis on connected technology, app-based controls, and competitive performance metrics in its scooter models. These scooters offer various battery capacities, range options, and intelligent features like keyless entry, navigation assistance, and advanced vehicle diagnostics. As part of its expansion strategy, Ola Electric has diversified its product range, introducing models at different price points to cater to a broader consumer base.