Shares of Ola Electric fall more than 3% as MHI also participates in investigation against consumer complaints
Shares of Ola Electric Mobility are trading in the red as broader markets continue to trade in the green. At last count, shares of the electric mobility major were trading at a discount of more than 2 percent or Rs 2.18 at Rs 93.6 per share on the BSE.
The stock made a low debut at a high of Rs 76 per share and has since rallied 26 percent.
As per Zee Business research, after the CCPA, the road transport and major industries department has also started an investigation into Ola. Heavy industry ministry seeks response from Ola.
The slowdown comes at a time when the Ministry of Heavy Industries (MHI) has made a request to the Automotive Research Association of India (ARAI) for its views on the alleged service issues faced by Ola Electric users. The Department of Heavy Industries is investigating the allegations and has asked ARAI to submit comments as soon as possible to facilitate the investigation.
ARAI is a private organization affiliated to the Ministry of Heavy Industries. ARAI is an automotive research and testing organization that serves about 1,600 customers each year, including car manufacturers, engine suppliers, and small industries.
