No Respite For Ola Electric
1 min read
New Delhi: From a show-cause notice from the government to consumers flooding social media platforms over myriad complaints regarding its e-scooters and service centres—while its share continues to slide—there appears no respite for Bhavish Aggarwal-run Ola Electric.
On Tuesday, Ola Electric’s share touched its lowest at Rs 86 apiece before recovering a bit—a massive 43-35 per cent drop from its all-time high of Rs 157.40 a few days earlier. The stock made its public debut at Rs 76 apiece.
In a stock exchange filing, the EV company admitted that it has received a show-cause notice from the Central Consumer Protection Authority (CCPA).
“The Central Consumer Protection Authority has provided a timeline of 15 days to the company to respond to the show cause notice. The company will respond to the CCPA within the given timeframe with the supporting documents,” said the EV company.
According to the show-cause notice, Ola Electric “appears to be in violation of several provisions of the Consumer Protection Act, 2019.”
About Author
