Shares of C.E. Info Systems were currently trading at Rs 2400, higher by 1.85% as compared with its previous close of Rs 2356.30 recorded on Monday. The scrip has traded in the range of 2360 and 2500.35 so far in today's session.

OLA recently launched OLA Maps. According to media reports, Ola Electric is accused of duplicating MapMyIndia’s API and SDKs, co-mingling, and reverse engineering licensed products, which is prohibited under the terms of their agreement.

While OLA claimed its map was developed using open-source data and real-time information from the Ola fleet, CE Info Systems strongly refutes these claims, saying Ola’s development of Ola Maps did not rely solely on open map data, and alleges that Ola has misused confidential information and trade secrets belonging to MapMyIndia.

A domestic brokerage has reportedly said that certain market share loss for C.E. Info Systems due to this development cannot be ruled out, even though OLA two-wheelers still offer a choice of MapMyIndia maps to its customers. The brokerage reportedly views this development as an isolated instance and expected the market share loss to be restricted to OLA two-wheelers.

Ola Electric has reportedly stated that the allegations made by CE Info Systems against the company are false and misleading.

Ola Electric spokesperson was quoted by the media saying: "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."

Bhavish Aggarwal-led Ola Electric is looking to raise up to Rs 5,500 crore in fresh share sale while its promoters and selling shareholders are looking to offload up to 8,49,41,997 equity shares amounting to Rs 645.56 crore in an offer for sale (OFS). The IPO will opwn on 02 August 2024 and will close on 06 August 2024.