Ola Electric’s share crashes to Rs 90 as angry customers flood social media

Mumbai, Oct 7: Bhavish Aggarwal-led Ola Electric saw its stock crashing to about Rs 90 a piece in the morning trade on Monday, as aggrieved customers flooded social media platforms again with a myriad of issues with its flagship electric two-wheeler.

The Ola Electric share nosedived to Rs 90.26 apiece, a drop of 8.5 per cent from the last trading session. The EV firm debuted on the stock market with Rs 76 and even touched Rs 157.40, before crashing like a pack of cards over innumerable hardware and software issues with its e-scooters and poor conditions at its service centres across the country.

Since touching the all-time high, the company’s share is trading around 42-43 per cent lower.

The EV firm continues to lose its market share in the Indian EV market and in September, its share further dropped to 27 per cent amid rising competition as well as its crippling service centres. It saw 24,665 e-scooter sales last month, from 27,587 units sold in August, according to the government transportation portal Vahan.

Ola Electric’s rivals have launched newer models which are priced closer to those of Ola, as its flagship S1 series EV scooter has become a nightmare for hundreds of customers who are consistently facing issues like malfunctioning hardware and glitching software and spare parts are hard to come by, resulting in inordinate delays.

As per trade analysts, the stock is currently loss-making and trading at high valuations.

An aggrieved Ola Electric customer torched its showroom in Karnataka last month, as the company’s social media platforms were flooded with complaints about its EV scooters. As per reports, Ola Electric receives around 80,000 complaints monthly.