New Delhi, April 21 -- Ola Electric Mobility Ltd appears to be in a fresh regulatory soup as the authorities in Maharashtra, the country's largest electric two-wheeler market, are looking to shut down at least 121 out of the company's nearly 450 stores in the state for not having proper documents to sell vehicles.

The joint transport commissioner of Maharashtra has asked local transport authorities to close all 121 stores operating without trade certificates. Mint has reviewed a copy of the letter sent to the local authorities. In fact, the state's transport commissioner confirmed to Mint that 270 more Ola Electric stores will be issued show-cause notices.

As per the letter, 75 of these 121 stores have already been closed and the local ...