Ola Electric founder and CEO Bhavish Aggarwal announced online before disclosing to the exchanges the company's plans for a four-fold expansion of its store network.

The Securities and Exchange Board of India (SEBI) has issued an administrative warning to Ola Electric Mobility for violating disclosure norms. The company received the letter on January 7, according to its communication with the exchanges.

The Securities and Exchange Board of India (Sebi) has issued an administrative warning to EV maker Ola Electric Mobility over certain violations of disclosure norms. The shares of Ola declined nearly three per cent to Rs 77 apiece on Wednesday.

That founder billionaire Bhavish Aggarwal chose to announce Ola Electric’s expansion plans on social media first and not on the exchanges didn’t sit well with SEBI.

Ola Electric Mobility shares fell 3.8% after SEBI issued a warning for violating disclosure norms. The warning was given due to early announcement of a planned store network expansion. The Karnataka High Court also granted Ola an extension to respond to CCPA.

The reason cited is that Ola Electric announced its e-scooter expansion plans first on social media instead of announcing it on the stock exchanges

Ola Electric Mobility, one of India's leading electric vehicle makers, has come under scrutiny from the Securities and Exchange Board of India (SEBI) for breaching disclosure norms. The market regulator issued a stern warning to the company after