Ola Electric Shares Drowning, After Heated Comments Between CEO Bhavish Aggarwal And Kunal Kamra

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.

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.

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.

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