Ola Electric shares drop 5% following report of raids and seizures over rule violations

Shares of Ola Electric Mobility dropped 5% to Rs 53.78 on Monday after a report revealed the company faced raids and seizures for alleged regulatory violations. Bloomberg highlighted that 95% of its showrooms lacked the necessary certifications under India's Motor Vehicles Act. Despite expanding to 4,000 stores, only around 100 out of 3,400 showrooms had proper trade certificates.