Shares of EV company Ola Electric on Monday fell by nearly 4 per cent, following reports of raids, vehicle seizures, and showroom closures linked to the company. An Ola spokesperson dismissed these claims, calling the reports \”prejudiced\” and \”misplaced\” The stock was close to its 52-week low of Rs 53.71, which it reached last week on March 3 amid speculation that the company is planning to lay off over 1,000 employees to reduce losses. Only about 100 out of 3,400 showrooms had the trade certificates required under India’s Motor Vehicles Act. Over 95 per cent of the reviewed showrooms lacked the necessary certification to display, sell, or offer test rides for unregistered vehicles. The company’s stock has declined by 36 per cent since the beginning of 2025 and currently trades over 60 per cent below its peak since its listing in August. It is currently trading at Rs 54.46, down by 3.66 per cent or Rs 2.07.