Ola Share Price: The share price of Bhavesh Agarwal-led Ola Electric fell up to 9% to trade at around Rs 90 per share on Monday amid getting numbers of backlash from customers and many of them are raising issues on social media platforms regarding the issues they are facing in company's electric vehicle.
Ola Electric shares closed at Rs 90.26 each, down 8.5 per cent from the previous trading session. The EV firm made its debut at Rs 76 on the stock market and even touched Rs 157.40, before crashing like a house of cards due to numerous hardware and software issues with e-scooters and poor service centres across the country.
The EV firm has lost market share in the Indian EV market and saw its share decline further to 27 per cent in September amid increased competition as well as crippling its service centres. Vahan, a state-run transport portal, said 27,587 units were sold in August, compared to 24,665 e-scooters last month.
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Ola Electric's rivals have launched new models that are priced close to Ola, as its flagship S1 series EV scooter has been a nightmare for hundreds of customers who have consistently suffered hardware malfunctions and problems such as glitching software and spare parts, causing excessive delays.
According to trade analysts, the stock is currently making losses and trading at a high price. Last month, an angry Ola Electric customer torched their showroom in Karnataka as the company's social media platforms were inundated with complaints about EV scooters. Ola Electric reportedly receives about 80,000 complaints a month.
Since touching all-time highs, Ola electric share price has plunged over 40 per cent.
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