Bhavish Aggarwal-led Ola Electric is considering raising fresh funds amid a decline in its stock price and mounting regulatory scrutiny over a potential mismatch in its sales data and actual vehicle registrations.

The board of Ola Electric is scheduled to meet on May 22 to consider a proposal to raise funds via the issuance of non-convertible debentures (NCDs) or any other instrument, in one or more tranches, the company said in an exchange filing.

However, details such as the size of the round and the names of the investors are unknown.

At 11:11 AM, shares of Ola Electric were trading at INR 52.01 apiece on the BSE, down 1.05% from the previous close. In the last six months, the stock has tanked over 20% and is currently trading nearly 32% below its listing price of INR 76.

To note, the development will mark the EV maker’s first capital raise if the board approval gets through, since making its IPO debut.

(The story will be updated soon.)

The post appeared first on .