7 october 2024 : Shares of Ola Electric plummeted by as much as 8% today, marking the third consecutive day of losses for the stock, which has declined in five of the last six trading sessions. The company went public in August at an issue price of ₹76, but the stock surged to ₹157.4 shortly thereafter. Currently, it is down 43%, largely due to a significant decrease in market share since the beginning of the current financial year.
Ola Electric has been losing ground to competitors like Bajaj Auto and TVS Motor, which together held about 20% market share in September within the electric vehicle (EV) sector.
In an effort to boost sales, Ola Electric recently launched a BOSS sale, offering festive discounts of up to ₹40,000 on its S1 X scooter range, which starts at ₹49,999.
Additionally, Ola founder Bhavish Aggarwal found himself embroiled in a social media exchange with comedian Kunal Kamra, who criticized the company’s service. Kamra quote-tweeted a post from Aggarwal featuring a picture of the Ola Gigafactory, encouraging others to share their service issues. In response, Aggarwal labeled Kamra a “failed standup comic” and suggested his tweet was “paid,” insisting that Ola Electric is swiftly expanding its service network and will resolve all backlogs “soon.”