The Bhavish Aggarwal-led electric vehicle (EV) maker Ola Electric Mobility Limited announced on Tuesday, March 4, that it had missed the deadline for the “Programme Agreement” between the Ministry of Heavy Industries and a wholly-owned subsidiary of the automaker.
The project management agency, IFCI Limited, in a letter, disclosed that the company has failed to start its battery manufacturing operations in its Gigafactories, even with the help of the PLI scheme.
As per the exchange filing, the company is in talks with the relevant authorities to appropriately respond to the matter.
“We would like to inform you that we are in receipt of letter dated March 03, 2025 from IFCI Limited Subject Non-achievement of Milestone-1 as per schedule M of the Programme Agreement dated July 28, 2022. The Company is actively engaged with the relevant authorities in this regard and in the process of filing an appropriate response,” said Ola Electric in the BSE filing.
Ola Electric Share Price
Ola Electric Mobility’s share price closed 1.4 per cent higher at ₹55.95 after Tuesday’s stock market session, compared to ₹55.18 at the previous market close. The shares closed higher despite a dull overall stock market performance, but the filing was announced after market operating hours on March 4.
Ola Electric shares have lost 38.64 per cent since its Dalal Street listing in August 2024. The stock is trading 35.12 per cent lower on a year-to-date (YTS) basis in 2025.
Ola shares hit an intraday high towards the early market session at ₹56.70, while the intraday low was at ₹53.57. The shares opened lower compared to Monday’s stock market close.
Ola stock hit its 52-week high level at ₹157.53 on August 20, 2024, after its listing on the Indian stock market, while the all-time low level was at ₹53.57 on March 4, 2025, amid a downward trend in the domestic stock market.
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