Ola Electric shares surge over 8 pc market valuation jumps Rs 1 914 cr

New Delhi, Mar 21 (PTI) Shares of Ola Electric on Friday jumped more than 8 per cent after the company said sales were strong and it remains focused on clearing all backlog by the end of March.
     The stock surged 8.40 per cent to settle at Rs 56 apiece on the BSE. Intra-day, it zoomed 10 per cent to Rs 56.85.
     On the NSE, it rallied 8.25 per cent to Rs 55.98 per share.
     The company's market valuation climbed Rs 1,914.31 crore to Rs 24,700.65 crore.
     Ola Electric on Friday sought to address sale discrepancies saying the backlog in February, caused due to vendor negotiations, has been 40 per cent cleared and the remaining will be fully addressed by the month-end.
     The company had previously said it sold 25,000 electric scooters in February but the data on the government's Vahan portal showed only 8,651 scooter registrations. As of March 20, the company's registrations stood at 11,781 on the Vahan portal.
     "Our sales remain strong, and the temporary backlog in February was due to ongoing negotiations with our vendors responsible for vehicle registrations.
     "This backlog is being rapidly cleared, with daily registrations exceeding 50 per cent of our three-month daily sales average. About 40 per cent of the February backlog has already been cleared, and the remaining will be fully resolved by the end of March 2025," the company said.
     On the discrepancies in its sales claim and data on Vahan portal, Ola said, "This is a straightforward case of a temporary registration backlog" and yet it was "deliberately misrepresented as a regulatory issue through misinformation and smear campaigns" by "vested interests."
     "This intensified after we discontinued contracts with two nationwide vendors managing our registration process as part of our strategy to streamline operations and drive profitability. Since then, a coordinated effort has been made to create confusion and trigger unnecessary scrutiny," it said in a statement.
     "Our focus remains on resolving the backlog efficiently and continuing to serve our customers with transparency and reliability."

(This story has not been edited by THE WEEK and is auto-generated from PTI)