Shares of electric vehicle (EV) manufacturer Ola Electric Mobility tumbled 3% in an intraday session to day’s low of Rs 87.34 on BSE as the company is facing regulatory scrutiny from the Automotive Research Association of India (ARAI) over its recent pricing strategies, according to a report by Business Standard.

The report states that the ARAI has raised concerns about Ola Electric’s failure to inform the agency of a price reduction for its S1 X 2 kilowatt-hour model before initiating its high-profile “BOSS” sale.

This oversight could jeopardize the model’s eligibility for government subsidies under the PM Electric DRIVE Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, potentially affecting the company’s standing in the competitive EV market.

On Thursday, Ola Electric launched its "BOSS 72-hour Rush" sale, offering customers attractive discounts on the S1 electric scooter lineup as part of its biggest Ola season sale.

Notable discounts included prices starting as low as Rs 49,999 for the S1 X 2kWh model.