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Bhavish Aggarwal’s Rs 35071 crore Ola Electric gets SEBI notice for violating...
Last month, Ola Electric announced its e-scooter expansion plans first on social media instead of announcing it on the stock exchanges.
Updated : Jan 08, 2025, 08:05 PM IST
 "Bhavish Aggarwal’s Rs 35071 crore Ola Electric gets SEBI notice for violating...")
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Ola Electric has been in the news for different reasons since its listing in the Indian share market in August 2024. The Bhavish Aggarwal-led company has now received an administrative warning from the markets regulator SEBI for violating disclosure norms. The reason cited is that Ola Electric announced its e-scooter expansion plans first on social media instead of announcing it on the stock exchanges.
In an administrative warning, sent via email on January 7 for violating various sections of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the regulator asked the EV firm to ensure "equal, timely, cost-efficient access to relevant information for all investors” via stock exchanges.
“By failing to first disseminate the information on the stock exchanges and instead announcing it on social media platforms, you have failed to provide equal and timely access to information to all investors,” read the SEBI warning.
Here's what happened
Aggarwal had posted a video on his X handle on December 2 before 10 am, in which he shared his plan to increase the company's sales network by nearly four times by December 20. The company later informed the exchanges post 1.30 pm on December 2.
READ | Meet man whose company operates 3 airports in India, has Rs 27477 crore net worth, he is...
SEBI stated in its warning letter that "The above violations have been taken very seriously. You are warned and advised to be careful in future and improve your compliance standards to avoid recurrence of such instances, failing which appropriate enforcement action may be initiated." On Wednesday, the EV company's shares closed at at Rs 79.54. The company has a market cap of around Rs 35071 crore.
(With inputs from IANS)
