'Already disclosed': Ola Electric responds to BSE query on auditor report; shares slip

Shares of Ola Electric Mobility Ltd rose 2.88 per cent in Tuesday's trade to touch a high of Rs 61.90 but later gave up its gains and was last seen trading 0.20 per cent lower at Rs 60.05. Despite the intraday volatility, the counter has gained 50.65 per cent over the past month.

BSE sought clarification from the company following a media report titled "Ola Electric's financial controls under scrutiny as auditor flags material weakness in inventory controls."

In its response, the Bengaluru-based electric vehicle maker said, "We wish to inform you that the information pertaining to Internal Financial Controls is already disclosed in the Consolidated Independent Auditor’s Report issued by M/s B S R & Co. LLP, Statutory Auditors, which forms part of the Annual Report of the Company and was duly submitted to the Stock Exchanges on July 31, 2025."

The company added, "Accordingly, we submit that there is no material impact of the said article on the company. We kindly request you to take the above clarification on your record. Ola Electric remains fully committed to compliance and will continue to promptly disclose any material information to the exchanges in accordance with regulatory requirements."

On the stock's technical outlook, Arpit Beriwal, Manager – Derivatives Analyst (Equity Research) at Motilal Oswal Financial Services, said the counter has rallied from Rs 44 to nearly Rs 70 in August 2025. He noted that Rs 54–55 levels would act as a major support zone, with the stock likely to consolidate between Rs 55 and Rs 70 before any further move.

Founded in 2017, Ola Electric manufactures electric two-wheelers and components such as battery packs, motors and frames at its Ola Futurefactory. As of June 2025, promoters held a 36.78 per cent stake in the company.