Ola Electric Shares Plunges To Rs 90 Amid Customer Complaints

Ola Electric, led by Bhavish Aggarwal, saw its stock fall to around Rs 90 during morning trading on Monday as frustrated customers took to social media to voice numerous issues with its flagship electric scooter. The share price declined by 8.5 per cent from the previous session, hitting Rs 90.26. Ola Electric initially debuted at Rs 76, reaching a high of Rs 157.40 before facing significant declines due to ongoing hardware and software problems with its e-scooters and poor service centre conditions across India.

Since reaching its peak, the company's stock has fallen by approximately 42-43 per cent. Ola Electric is losing market share in the Indian electric vehicle sector, with its market share dropping to 27 per cent in September amid increased competition and struggling service centres. The company reported sales of 24,665 e-scooters last month, down from 27,587 units in August, according to data from the government’s transportation portal, Vahan.

Rival companies have introduced new models at competitive prices, while Ola's flagship S1 series scooter has faced a series of complaints related to malfunctioning hardware and software glitches. Customers have also reported difficulties in obtaining spare parts, leading to significant delays in service.

Trade analysts indicate that Ola Electric's stock is currently trading at high valuations while also being loss-making. Customer dissatisfaction reached a boiling point last month when an enraged customer set fire to an Ola showroom in Karnataka. Reports suggest that the company receives around 80,000 complaints each month about its electric scooters.