Business

Ola Electric Shares Plunge 8.5% As Angry Customers Flood Social Media

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.

Also Read: Indian Auto Market Sees 6.55% Growth, Rural Demand To Drive Festive Sales

Ajaypal Choudhary

Recent Posts

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

2 hours ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

3 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

3 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

3 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

6 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

7 hours ago