121 stores of electric two-wheeler manufacturing company Ola will be closed in Maharashtra. Maharashtra’s Transport Department has instructed the local RTO to close them. The Transport Department had inspected 146 stores of Ola, out of which more than 121 stores were running without trade certificate. In fact, last month RTO raided many Ola stores in Maharashtra. 192 vehicles were seized and show cause notices were issued due to lack of trade certificate at the stores. RTO action was taken on Ola stores across the country. So far 32 stores in Maharashtra and Madhya Pradesh have been raided. Apart from this, action has also been taken on some stores in Rajasthan. More than 50 electric vehicles have been seized in this. Ola Electric’s share fell more than 34% in 6 months On Wednesday, Ola Electric’s share closed at Rs 53.02 with a marginal gain of 0.26%. Ola’s share has fallen more than 4% in a month. At the same time, the stock has fallen by more than 40% in the last one year. Ola’s market capital is Rs 22.14 thousand crores. Ola’s store was raided four times Action taken after complaint from other companies Gurugram’s Pratap Singh & Associates Company had filed a complaint against Ola Electric and some other companies for not having a trade certificate. After the complaint, Maharashtra transport officials took action. 95% of the stores do not have basic certification Ola Electric has opened 4,000 stores since 2022. According to the Economic Times report, data of only about 3,400 showrooms is available out of these. Out of 3,400, only 100 showrooms had the necessary trade certificates under the Motor Vehicles Act. More than 95% of the company’s stores do not have the basic certification required to display, sell and offer test rides of unregistered two-wheelers. Ola Electric said – The raid action was wrong and biased. On the raid action, a spokesperson of Ola Electric had said that no vehicle was seized. Earlier, Ola had described the investigation as wrong and biased. The spokesperson had said that there is inventory of unregistered vehicles in Ola’s distribution centers and warehouses in many states. It fully complies with the guidelines of the Motor Vehicles Act and the necessary approvals are in place. The company had not given any information regarding the raids on the stores.
