Shares of Ola Electric dropped by 8% today, marking the third consecutive day of losses for the company. The stock has now faced declines in five out of the last six trading sessions. After its debut on the stock market in August at an issue price of ₹76, Ola Electric’s shares initially surged, doubling to a high of ₹157.4. However, the stock has since seen a steep 43% decline, largely driven by the company’s shrinking market share since the start of the current financial year.
Ola Electric has been losing ground in the competitive electric vehicle (EV) market, particularly to industry players like Bajaj Auto and TVS Motor. In September, both Bajaj and TVS captured approximately 20% of the EV market, further chipping away at Ola’s once-dominant position.
In a bid to recover, Ola Electric recently launched a festive promotion called the “BOSS Sale,” offering discounts of up to ₹40,000 on select models. The company also introduced its budget-friendly S1 X scooter, with prices starting from ₹49,999, aiming to appeal to a broader range of consumers.
Chot lagi? Dard hua? Aaja service center. Bahut kaam hai. I will pay better than your flop shows pay you.
Show your audience how much you truly care and whether you’re only gas and BS. https://t.co/yEvxhoGTvR
— Bhavish Aggarwal (@bhash) October 6, 2024
Meanwhile, Ola’s founder, Bhavish Aggarwal, was involved in a public spat on social media with comedian Kunal Kamra. The disagreement began when Kamra quoted Aggarwal’s tweet showcasing the Ola Gigafactory, while questioning the company’s customer service. In response, Aggarwal called Kamra a “failed stand-up comic” and accused him of making a “paid tweet.” Despite the controversy, Aggarwal assured customers that Ola Electric is rapidly expanding its service network and promised to address any pending service issues soon.
Ok Ola customers Refund is out of the question…
So can you solve issues of every Ola complaint till date before 10th November 2024?
I can keep tract of unsolved complaints post 10th November & Keep them public for you… https://t.co/Cz2fGiHm8q
— Kunal Kamra (@kunalkamra88) October 6, 2024
As the company navigates these challenges, investors will be watching closely to see how Ola Electric manages to regain its footing in the increasingly competitive EV market.
Also Read: Chot Lagi? Dard Hua!’ Jibes Ola CEO Bhavish To Kunal Kamra Over Ola Electric Service Center
