Ola Electric share price soars over 9% after February sales figure clarification

The stock rose as much as 9.43% to ₹56.59 per share on the National Stock Exchange (NSE). At 11:30 am, it was up 8.39% to ₹56 apiece.

Now, in an exchange filing, Ola Electric said that false narratives are being spread about the company's February 2025 sales data. The EV maker stated that its sales are strong and there was a temporary backlog last month due to ongoing negotiations with vendors managing vehicle registrations.

"Our sales remain strong, and the temporary backlog in February was due to ongoing negotiations with our vendors responsible for vehicle registrations. This backlog is being rapidly cleared, with daily registrations exceeding 50% of our three-month daily sales average. 40% of the February backlog has already been cleared, and the remaining will be fully resolved by the end of March 2025," Ola Electric said.

"This is a straightforward case of a temporary registration backlog...Our focus remains on resolving the backlog efficiently and continuing to serve our customers with transparency and reliability," it added.

In another regulatory filing, the company said it received an email from the Ministry of Heavy Industries regarding sales figure mismatch. The Ministry of Road Transport and Highways also reached out to the company in relation to non-compliance with the requirement of trade certificates.

The Bhavish Aggarwal-led firm is in the process of responding to the queries, it said.