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Ola Electric Mobility Limited has received a show cause notice from the Central Consumer Protection Authority (CCPA) for alleged violations of consumer rights, misleading advertisements, and unfair trade practices.
Shares of Ola Electric Mobility Limited were trading at ₹89.05, down by ₹1.77 or 1.95 per cent on the NSE as of 10:10 am today. This follows a sharp decline in the stock price yesterday when it traded down by around 8.88 per cent.
The electric vehicle manufacturer has been given 15 days to respond to the notice.
Ola Electric stated, it would provide supporting documents within the given timeframe. The company’s Chief Financial Officer, Harish Abichandani, signed the intimation.
This development follows recent public criticism of Ola’s customer service.
The company’s CEO, Bhavish Agarwal, engaged in a social media dispute with comedian Kunal Kamra over the weekend regarding service issues with Ola’s electric scooters.
The company stated that currently, the show cause notice has no impact on its financial, operational, or other activities.
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