Ola Electric shares climb 3%; BSE seeks clarification on audit-related report

Shares of Ola Electric Mobility Ltd rose 2.88 per cent in Tuesday's trade to touch a high of Rs 61.90. The stock was last seen trading 1.96 per cent higher at Rs 61.35. At this price, the counter has gained 53.91 per cent over the past month.

BSE has sought clarification from the company with reference to a media report titled "Ola Electric's financial controls under scrutiny as auditor flags material weakness in inventory controls." A response from the pure-play EV firm was awaited at the time of writing this story.

Meanwhile, SVF II Ostrich (DE) LLC, a SoftBank entity, recently pared its stake in Ola Electric. The shareholder disclosed in an exchange filing that it sold 94,943,459 equity shares of the electric vehicle maker between July 15, 2025, and September 2, 2025.

Separately, the Bhavish Aggarwal-led firm announced that it had received certification confirming compliance with the eligibility assessment under the Production Linked Incentive (PLI) scheme for its Gen 3 scooter portfolio.

At its annual 'Sankalp' event, held at the Gigafactory in Tamil Nadu, Ola Electric also unveiled its first indigenously manufactured 4680 Bharat cell battery and a rare earth metal-free motor.

Commenting on the stock's technical outlook, Arpit Beriwal, Manager – Derivatives Analyst (Equity Research) at Motilal Oswal Financial Services, said, "We've seen a very strong counter rally from Rs 44 level to almost Rs 70 level in August 2025. Going forward, Rs 54-55 levels will be a major support zone for this counter. Our sense is that before the next leg of rally, the stock is likely to consolidate between Rs 55 and 70 levels."

Founded in 2017, Ola Electric manufactures electric two-wheelers and key 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 Bengaluru-based company.