New Delhi, Feb 28 Only one out of three Ola Electric scooters sold in February was officially registered, according to latest data from the government's VAHAN portal.
While the company claimed to have sold 25,000 scooters during the month, only 8,390 were registered on the VAHAN website.
The discrepancy is due to ongoing contract renegotiations with Rosmerta Digital Services Private Limited and Shimnit India Private Limited, the firms responsible for vehicle registrations, as per an exchange filing on February 19.
"As a result of these ongoing negotiations, the registration numbers for the month of February 2025, as reflected on the VAHAN portal, will be temporarily impacted, while there will be no change in sales," the company said in its regulatory filing.
However, the company added that the registration process will return to normal in the coming weeks.
The shares of the company were trading at a 52-week low at Rs 55.68, down by Rs 1.13 or 1.99 per cent, on Friday.
As stock continues to slide after touching a 52-week high of Rs 157.40, the market capitalisation has now shrunk to Rs 24,630 crore from Rs 66,000 crore after its initial surge post-listing.
The reason behind the downturn includes concerns over mounting losses, declining revenue, ongoing service-related issues and the broader correction in the Indian stock market.
In the February first half, the electric two-wheeler (e2W) electric firm posted a 50 per cent spike in its consolidated net loss, which widened to Rs 564 crore in Q3 FY25 from Rs 376 crore in Q3 FY24.
However, the company founded by billionaire Bhavish Aggarwal, continues to claim market leadership in India's electric two-wheeler segment.
"Owing to our wide scooter portfolio across mass and premium segments, and our network of 4,000 stores across India, we are now witnessing a strong uptick in demand beyond urban cities from Tier 3 and 4 towns," the spokesperson said.
The company is also preparing for the launch of its new model, Roadster X, with deliveries expected to begin next month.
Ola Electric is confident that this new launch will further accelerate the adoption of electric two-wheelers in India.
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