Ola Electric’s shares fell to the lowest on Monday in nearly two months as increasing consumer complaints and a continuous decline in market share heightened investor concerns.
The Bhavish Aggarwal-led EV company, which currently has the biggest market share in the country’s electric two-wheeler segment, saw its share price drop to an intraday low of Rs 89.99 apiece at 11:10 a.m. on Monday, the lowest since August 12 when it was Rs 109 per share.
Ola Electric’s market capitalisation has fallen below $5 billion after hitting an all-time high of $8 billion in August.
Ola Electric’s market share dropped to 27% in September and it sold the fewest vehicles in the month in 2024, YourStory reported last week.
Adding fuel to the fire was a public spat on X between the company’s founder and CEO, Aggarwal, and comedian Kunal Kamra over the weekend. Kamra criticised the company’s customer service, gaining widespread support on social media.
Many users on the platform also expressed difficulty in dealing with the company’s customer service.
Last month, a disgruntled customer allegedly set fire to an Ola Electric showroom in Kalaburagi, Karnataka after his scooter was not repaired.
Ola Electric, which is currently the market leader in the EV two-wheeler segment, is also dealing with a rise in consumer complaints with reports citing that it receives over 80,000 complaints every month regarding its vehicles.
The newly-listed company also reported an 11% decrease in the number of units sold in September to 23,965 units, according to data from Vahan resulting in a drop in its market share to around 27%.
In September, Aggarwal announced that the company is introducing a ‘Network Partner Programme’ and will onboard 10,000 partners by the end of 2025 to expand its sales and service network across the country.
The company is also reported to have created a new service team consisting of employees from various divisions to help tackle consumer dissatisfaction over its service quality.
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric)
