Hyundai Motor India shares slip to Rs 1,745, down over 10 pc of IPO price
Shares of Hyundai Motor India, that were listed at Rs 1,931 apiece, have slipped more than 10 per cent from its IPO price.
Ola Electric on Monday said that allegations made by CE Info Systems Ltd, the parent company of MapMyIndia, in a legal notice against the EV firm are false and misleading.
In the legal notice, CE Info Systems alleged that Bhavish Aggarwal-led Ola Electric copied its data to launch its own mapping service in India.
The news about legal notice against Ola Electric came as the EV firm geared up for its much-anticipated IPO on August 2.
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In a statement, the company said it wishes to address the recent claims made by CE Info Systems in relation to the alleged issues with Ola Maps vis-a-vis MapMyIndia. “We would like to state unequivocally that these allegations are false, malicious and misleading. Ola Electric stands by the integrity of its business practices. We will suitably respond to the notice shortly,” said an Ola Electric spokesperson.
In the legal notice, MapMyIndia claimed that Ola Electric breached the license agreement. In 2022, Ola Electric had onboarded MapMyIndia to offer navigation services for its S1 Pro electric scooter.
When reached, MapMyIndia declined to comment.
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