New Delhi, May 2 Ola Electric has once again delayed the delivery of its Roadster X motorcycle, marking the second such postponement in just two months.
In a stock exchange filing, the company informed that deliveries would now begin in May 2025. Earlier, the company had promised April as the delivery month after missing its initial mid-March target.
The Bengaluru-based EV maker, led by billionaire Bhavish Aggarwal, had first announced the Roadster X on February 5.
However, reports later revealed that the vehicle hadn’t even completed homologation -- an essential regulatory process -- just two weeks before the original delivery schedule.
On April 11, Ola Electric claimed that the first batch of Roadster X bikes had rolled out from its Tamil Nadu Futurefactory and that deliveries would soon start.
But with May now being the new target, customers are still waiting for the product. Despite these delays, Ola Electric has already included bookings for the Roadster X in its sales numbers.
According to a letter dated March 21, the company told the Union Ministry of Road Transport and Highways that it added 1,395 bookings of the motorcycle to its February sales data, even though the vehicles were not yet on the road.
This move has drawn increased attention from regulatory authorities. NDTV Profit reported on Friday that India’s market regulator, SEBI, is now reportedly investigating Ola Electric for possible insider trading and suspicious related-party transactions.
SEBI is also said to be looking into trading activities between October and December 2024, along with the sales data mismatch and other financial dealings.
In response, Ola Electric issued a clarification, through a stock exchange filing, stating that the trades referred to were routine transactions involving shares acquired through exercising these ESOPs and not through the open market purchase.
"The trades referred were routine transactions involving shares acquired through exercising these ESOPs and not through the open market purchase," the company said in its filing.
On Friday, Ola Electric’s share price closed at Rs 48.59 on the Bombay Stock Exchange (BSE), down 0.27 per cent.
According to BSE data, the shares of the electric two-wheeler maker were down by over 41 per cent in the last six months.
On a year-to-date (YTD) basis, the shares had plunged by over 43.5 per cent. In the last three months, the shares had dropped by 34.59 per cent.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor