Ola Electric shares in focus after February sales added e-motorbikes, which haven't even hit the road yet

Ola Electric Mobility shares will be in focus on Tuesday after the Bhavish Aggarwal-led firm included bookings for electric motorcycles and e-scooters — some of which are yet to be launched — in its February sales figures, Bloomberg reported. The move appeared to inflate its market share as the company seeks to regain investor confidence.

The SoftBank Group-backed firm told India’s Ministry of Road Transport and Highways in a March 21 letter that it added customer bookings for 10,866 third-generation e-scooters as well as 1,395 Roadster X motorcycles in its February sales record, citing them as “confirmed orders.”

While deliveries of the third-gen scooters began in March, the Roadster X motorcycles are yet to be rolled out. Together, these models accounted for nearly 50% of the 25,207 “confirmed orders” Ola cited for February. The ministry had asked the company to clarify its reported sales.


The Bhavish Aggarwal-led firm had reported February sales of “more than 25,000 units” in a Feb. 28 filing. But the vehicle registration tally from a government portal mapped only 8,600 units — roughly a third of the sales figure.

Ola had earlier attributed the delay to renegotiations with two vendors. But the gap between reported sales and actual registrations prompted a query from the ministry. In its March 21 response, Ola shared booking details but did not confirm whether the vehicles were invoiced or delivered.

The ministry in a March 31 letter asked Ola to revise the figures and include only those vehicles that were invoiced in its February data. It also sought Ola’s response within seven days “to avoid any adverse action.” Both letters were seen by Bloomberg News.

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Ola shares technical indicators

Technically, the stock’s Relative Strength Index (RSI) is at 39.6. An RSI below 30 signals oversold conditions, while above 70 indicates overbought territory. The stock’s MACD stands at -2.4, which is below its center line, this is a bearish indicator.

Ola shares are currently trading below all key short- and long-term moving averages, including the 20-day to 200-day simple moving averages (SMAs).

Ola Electric price performance

The stock is down 36% in the past 3 months and 44% over the past six months. Its market capitalisation currently stands at Rs 22,936 crore.

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