Ola Electric’s stock dropped by 8.5% on Monday, falling to Rs 90.26 per share as dissatisfied customers flooded social media with complaints about its electric scooters. The company, led by Bhavish Aggarwal, has faced growing issues with hardware, software, and service centers, leading to a sharp decline in its stock value.
The company’s shares, which once touched Rs 157.40, have plummeted about 42-43% from their peak, and the firm’s market share continues to erode.
Market Share Drops Amid Rising Competition
Ola Electric’s market share in the Indian EV sector further declined in September to 27%, down from 28.7% in August. The firm sold 24,665 e-scooters last month, as compared to 27,587 in August, according to government data from the Vahan portal.
Rival companies have launched competitive models at similar price points, contributing to Ola’s shrinking market presence. Meanwhile, customers have been reporting issues with malfunctioning hardware, glitching software, and spare part shortages.
Customer Dissatisfaction Reaches Peak
An increasing number of complaints—around 80,000 monthly—have surfaced on Ola’s social media platforms. Last month, a frustrated customer even set fire to an Ola showroom in Karnataka in response to poor service and unresolved issues with their EV scooter.
Trade analysts noted that Ola Electric’s stock remains loss-making and is trading at high valuations, adding further pressure on the company to resolve its product and service challenges.
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