New Delhi, Aug. 7 -- Ola Electric Mobility Ltd saw its revenue decline for the seventh consecutive quarter in April-June as sales continued to lag the year-ago period despite heavy discounts to boost sales.

In its filing on Friday, Ola also confirmed it has received a show-cause notice from Sebi. The market regulator is investigating the company's disclosures regarding new store openings, vehicle delivery timelines for the Roadster, and discrepancies in sales figures reported in press announcements versus the government's Vahan portal.

"Based on external legal advice, the company believes that in order to achieve an expeditious and efficient resolution, it is appropriate to pursue a settlement with Sebi without any admission of liabilit...