The Ola Electric Mobility shares surged over 4.5% to a high of Rs 29.25 on the National Stock Exchange after the Bombay High Court at Goa stayed an arrest warrant issued against the company’s CEO, Bhavish Aggarwal, by the District Consumer Commission of South Goa.

The company, in a statement, said the High Court also observed that the District Consumer Commission had exceeded its jurisdiction under the Consumer Protection Act while issuing the warrant.

“The Hon’ble High Court of Bombay at Goa has stayed the warrant issued by the District Consumer Commission, South Goa. Additionally, the Hon’ble Court observed that the Commission exceeded its jurisdiction under the Consumer Protection Act in issuing the warrant. The Company requests that due note be taken of the aforesaid factual legal position,” read an exchange filing. 

Warrant issued against Ola CEO

On February 13, the warrant was issued under Section 73 of the Bharatiya Nagarik Suraksha Sanhita, directing the Koramangala Police Station in Bengaluru to arrest and produce Aggarwal before the Commission on 23rd February at 10:30 AM.

Who filed complaint against Aggarwal?

The case stems from a complaint filed by Pritesh Chandrakant Ghadi of Chicalim, Mormugao, who purchased an Ola S1 Pro 2nd Generation scooter for Rs 1,47,499 in August 2023.

The case arose from a grievance lodged by Pritesh Chandrakant Ghadi, a resident of Chicalim in Mormugao, who bought an Ola S1 Pro 2nd Generation scooter for Rs 1,47,499 in August 2023.

The complainant alleges recurring issues, including motor noise, touchscreen malfunctions and Bluetooth connectivity problems. The scooter was handed over to Ola Electric’s Vasco service centre for repair, but its whereabouts remain unknown.

OLA Electric share performance

The share price of Ola Electric has fallen 10.56% in the last five trading days. The stock has dropped over 21% of wealth in the past one month and roughly 32% in the last six months. OLA Electric’s stock price has erased 54% of shareholders’ value over the previous 12 months. 

OLA Electric Q3FY26 results

The company reported a consolidated net loss of Rs 487 crore in Q3 FY26, dropping 13.6% year-over-year from Rs 564 crore in the same quarter last year. However, on a sequential basis, the company’s losses widened from Rs 418 crore in Q2FY26.

Its revenue dipped 55% YoY to Rs 470 crore in the third quarter of the current financial year, due to weak vehicle sales. In the same quarter of the previous financial year, it revenue came in at Rs 1,045 crore in Q3FY25. Sequentially, revenue fell around 32% from Rs 690 crore in Q2FY26.