(Reuters) – India’s markets regulatory authority has actually sent out a caution letter to Ola Electric for sharing info on social media sites prior to revealing it to financiers, including in a lengthy line of problems for the electrical two-wheeler manufacturer.
The letter from the Securities and Exchange Board of India (SEBI), divulged by Ola Electric late on Tuesday, stated that the firm had actually stopped working to reveal info of a scheduled shop network development promptly to its financiers.
The information of the scheduled shop openings was shared initially on social media sites system X by owner and Managing Director Bhavish Aggarwal and to financiers regarding 4 hours later on with the stock market.
Publicly- provided business are needed to reveal any kind of info initially to financiers with exchange filings and not greater than 12 hours from the occasion happening.
Ola Electric, which went public in August in 2015, opened up 3,200 brand-new shops and solution centres last month to broaden its reach and address climbing issues on its solution criteria.
Shares of Ola Electric were down around 1.6% at 77.9 rupees. They had actually dropped as long as 5% earlier in the day
(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)
