Ola Electric shares drop below debut price
The EV-maker’s stock has fallen about 51% from its peak trading price of Rs 157.4 in August.
Bhavish Aggarwal-led ’s share price has dropped below its debut price of Rs 76 for the first time after it got listed on India’s stock exchanges two months ago amid rising scrutiny from regulatory watchdogs over rising consumer complaints against the company.
Shares of Ola Electric were trading at Rs 75.6 at 10:40 AM on the Bombay Stock Exchange (BSE). The company’s market cap slipped below $5 billion after hitting an all-time high of $8 billion in August.
BSE Sensex was down 0.7% or 560.64 points at the same time, mainly bogged down by a lackluster earnings season and continued foreign selling, according to The Economic Times.
Earlier this month, Ola Electric received a show cause notice from the Central Consumer Protection Authority (CCPA) seeking details of alleged violations of consumer rights, misleading advertisements, and unfair trade practices.
The notice followed a public spat on X between Aggarwal and comedian Kunal Kamra after Kamra criticised the company’s customer service. Many users on the platform also voiced their dissatisfaction with the company’s customer service.
In a BSE filing earlier this week, the company said that it has resolved 99.1% out of 10,644 complaints it received from the CCPA.
Additionally, the Ministry of Heavy Industries (MHI) has directed the Automotive Research Association of India (ARAI) to provide detailed inputs regarding consumer complaints against Ola Electric. The company is a beneficiary of the FAME II and PM E-DRIVE schemes, and its eligibility certificate has been provided by ARAI, a certification and testing agency under the administrative control of the Ministry.
The company, which currently has the biggest market share in the country's electric two-wheeler segment, in September saw its market share drop to 27% in September as it sold the fewest vehicles in the month in 2024, according to data from Vahan.
But, the EV-maker, in October, said that it recorded 15,672 new registrations amid the festive season picking up a 34% market share of the E2W segment, driven by its S1 scooter lineup.
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric.)
Edited by Megha Reddy
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