There was a sharp decline in the shares of Ola Electric Mobility on Monday. In fact, there were reports of problems regarding the service quality of the company’s scooters and disputes between its CEO on social media. Shares of the company fell 9.14 percent to Rs 90 per share on NSE. According to PTI news, it fell 8.93 percent to Rs 90.20 per share on BSE. They later fell 9.59 per cent and 9.43 per cent to intraday lows of Rs 89.55 and Rs 89.71 on NSE and BSE, respectively.
This was the reason for the decline
According to the news, the fall in the shares came after a war of words broke out between Ola founder Bhavish Aggarwal and stand-up comedian Kunal Kamra on social media platform X on Sunday over after-sales service and service quality. The controversy started when Kunal Kamra responded to a post posted by Aggarwal on Were standing.
Was listed at the issue price of Rs 76
In response to Kamra’s tweet, Bhavish Aggarwal called him a failed stand-up comic and his tweets were paid and said that Ola Electric is rapidly expanding its service network and will soon eliminate all the backlog. Furthermore, many consumers of Ola Electric jumped into the controversy and complained about the service quality of the company, requesting Aggarwal to resolve their issues. In August this year, Ola Electric Mobility was listed at an issue price of Rs 76.
The stock has fallen by 43 percent
It immediately doubled from its issue price to a post-listing high of Rs 157. Since hitting an all-time high, the stock has fallen 43 percent from those levels. Ola Electric is losing market share to legacy auto players like Bajaj Auto and TVS Motor as they increase their dominance in the EV space.
