“We are shocked and dismayed at the lack of journalistic ethics in carrying the story, despite our repeated denial to the reporter and the publication’s editorial representatives. We also had received a verbal confirmation that the report shall not be carried given the company’s denial,” said Ola in a statement.

Earlier today, DNA reported that Uber is allegedly close to acquiring a controlling stake in rival Ola. However, Ola has denied the speculation while Uber declined to comment.

Ola’s statement further added, “We will initiate appropriate legal action and seek redressal and compensation for the damage caused to us by this irresponsible reporting from DNA.”

Read: Ola, Uber Deny Any Intent Of Business Together